#38 A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,845.00 to install, $5,070.00 to operate per year for 7 years at which time it will be sold for $6,961.00. The second, RayCool 8, costs $41,255.00 to install, $2,193.00 to operate per year for 5 years at which time it will be sold for $8.947.00. The firm's cost of capital is 5.46%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places