A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,176.00 to install, $5,095.00 to operate per year for 7 years at which time it will be sold for $6,952.00. The second, RayCool 8, costs $41,939.00 to install, $2,123.00 to operate per year for 5 years at which time it will be sold for $8,982.00. The firms cost of capital is 5.95%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Please round to 4 decimal places and show all work and formulas used