A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,858.00 to install, $5,017.00 to operate per year for 7 years at which time it will be sold for $6,958.00. The second, RayCool 8 , costs $41,694.00 to install, $2,090.00 to operate per year for 5 years at which time it will be sold for $9,006.00. The firm's cost of capital is 6.33%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places