A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,802.00 to install, $5,050.00 to operate per year for 7 years at which time it will be sold for $6,975.00. The second, RayCool 8, costs $41,782.00 to install, $2,056.00 to operate per year for 5 years at which time it will be sold for $8,982.00. The firms cost of capital is 5.25%. What is the equivalent annual cost of the AC360? Assume that there are no taxes.

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