A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units The first, the AC360, costs $26,550.00 to install, $5,098.00 to operate per year for 7 years at which time it will be sold for $6,981 00 The second, RayCool 8, costs $41,386.00 to install, $2,075.00 to operate per year for 5 years at which time it will be sold for $9.080.00. The firm's cost of capital is 5.74%. What is the equivalent annual cost of the Ray Cool8? Assume that there are no taxes Submit Answer format: Currency Round to: 2 decimal places