Gluon Inc. is considering the purchase of a new glueball. It can purchase the glueball for $150,000 and sell its old glueball which is fully depreciated for $26,000. The new equipment has a 10 year useful life and saves $34,000 per year in expenses. The opportunity cost for capital is 11% and their tax rate is 40%. What is the equivalent annual savings from the purchase if Gluon uses straight line depreciation? Assume the new machine will have no salvage value.