A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,033.00 to install, $5,130.00 to operate per year for 7 years at which time it will be sold for $6,938.00. The second, RayCool 8, costs $41,250.00 to install, $2,122.00 to operate per year for 5 years at which time it will be sold for $8,917.00. The firm's cost of capital is 5.32%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes