Project A requires an initial investment of $9,000 at t = 0. Project A

Project A requires an initial investment of $9,000 at t = 0. Project A

Project A requires an initial investment of $9,000 at t = 0. Project A has an expected life of 2 years with after-tax cash inflows of $6,000 and $8,500 at the end of Years 1 and 2, respectively. The project has a required return of 11%. What is the equivalent annual annuity? Enter your answer rounded off to two decimal points.