A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26.528.00 to install, $5.021.00 to operate per year for 7 years at which time it will be sold for $7,010.00. The second, RayCool 8, costs $41,774.00 to install, $2,065.00 to operate per year for 5 yaars at which time it will be sold for $9,100.00. The frrm's cost of capital is 5.37%. What is the equivalent annual cost of the RayCooll? Assume that there are no taxes. Answer format: Currency; Round to: 2 docimal places