#2 c unanswered not_submitted Attempts Remaining: Infinity A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,711.00 to install, $5,088.00 to operate per year for 7 years at which time it will be sold for $6,899.00. The second, RayCool 8, costs $41,720.00 to install, $2,001.00 to operate per year for 5 years at which time it will be sold for $9,075.00. The firm's cost of capital is 5.93%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places