A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,197.00 to install, $5,180.00 to operate per year for 7 years at which time it will be sold for $6,823.00. The second, RayCool 8, costs $41,408.00 to install, $2,063.00 to operate per year for 5 years at which time it will be sold for $8,921.00. The firm's cost of capital is 6.27%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places