A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,611.00 to install, $5,037.00 to operate per year for 7 years at which time it will be sold for $6,877.00. The second, RayCool 8, costs $41.501.00 to install, $2,029.00 to operate per year for 5 years at which time it will be sold for $9,057.00. The firm's cost of capital is 5.18%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places