A firm is considering replacing the existing industrial air conditioning unit. They will pick one or two units. The first , the AC360, costs 525,892 00 to install 55,026.00 to operate per year for 7 years at which time it will be sold for $6,989.00 The second, RayCool 8, costs $41,752.00 to install, $2,058 00 to operate per year for 5 years at which time it will be sold for 59,004.00. The firm's cost of capital is 5.74% What is the equivalent annual cost of the RayC0018? Assume that there are no taxes Submit Answer format: Currency Round to 2 decimal places