A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,618.00 to install, $5,138.00 to operate per year for 7 years at which time it will be sold for $7,161.00. The second, RayCool 8, costs $41,307.00 to install, $2,078.00 to operate per year for 5 years at which time it will be sold for $8,986.00. The firms cost of capital is 6.78%. What is the equivalent annual cost of the AC360? Assume that there are no taxes.

Answer format: Currency Rounded to 4 decimal places.