An electronics firm invested $60,000 in a precision inspection device. It cost $4000 to operate and maintain in first year and $3000 in each later year. At the end of four years, the firm changed their inspection procedure, eliminating need for device. The purchasing agent was very fortunate to sell the inspection device for $60000, the original price. Calculate the equivalent uniform annual cost during the four years the device was used. Assume interest at 10% per year.