A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,859.00 to install, $5,160.00 to operate per year for 7 years at which time it will be sold for $7,143.00. The second, RayCool 8, costs $41,079.00 to install, $2,140.00 to operate per year for 5 years at which time it will be sold for $9,054.00. The firms cost of capital is 5.31%. What is the equivalent annual cost of the AC360? Assume that there are no taxes.

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