A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,454.00 to install, $5,152.00 to operate per year for 7 years at which time it will be sold for $7,182.00. The second, RayCool 8, costs $41,990.00 to install, $2,150.00 to operate per year for 5 years at which time it will be sold for $9,054.00. The firms cost of capital is 6.22%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes.

Can you show me how you solved even if it was done in excel. Thanks!