A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,968.00 to install, $5,020.00 to operate per year for 7 years at which time it will be sold for $7,024.00. The second, RayCool 8, costs $41,803.00 to install, $2,112.00 to operate per year for 5 years at which time it will be sold for $9,003.00. The firms cost of capital is 5.49%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Round to 2 decimals