A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,998.00 to Install, $5,178.00 to operate per year for 7 years at which time it will be sold for $6,810.00 The second, RayCool 8, costs $41,243.00 to install, $2,036.00 to operate per year for 5 years at which time it will be sold for $8,916.00. The firm's cost of capital is 5,54%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places