A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,812.00 to install, $5,041.00 to operate per year for 7 years at which time it will be sold for $6,956.00. The second, RayCool 8, costs $41,988.00 to install, $2,038.00 to operate per year for 5 years at which time it will be sold for $9,019.00. The firms cost of capital is 5.33%. What is the equivalent annual cost of the AC360? Assume that there are no taxes.

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