33. A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,807 to install, $5,089 to operate per year for 7 years at which time it will be sold for $6,950. The second, RayCool 8, costs $41,012 to install, $2,068 to operate per year for 5 years at which time it will be sold for $9,049. The firms cost of capital is 6.44%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Currency: Round to: 2 decimal places.