A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,752.00 to install, $5,055.00 to operate per year for 7 years at which time it will be sold for $6,875.00. The second, RayCool 8, costs $41,146.00 to install, $2,190.00 to operate per year for 5 years at which time it will be sold for $9,088.00. The firms cost of capital is 6.46%. What is the equivalent annual cost of the AC360? Assume that there are no taxes.

Submit Answer format: Currency: Round to: 2 decimal places.

Please show all steps and in a simple format. Also could you show how to enter on a financial calculator?

I would also appreciate it, if you are able to help me by tomorrow. Thank you.