A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,912.00 to install, $5,123.00 to operate per year for 7 years at which time it will be sold for $7,096.00. The second, RayCool 8 , costs $41,839.00 to install, $2,144.00 to operate per year for 5 years at which time it will be sold for $8,924.00. The firm's cost of capital is 5.91%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places