A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,216.00 to install, $5,193.00 to operate per year for 7 years at which time it will be sold for $6,990.00. The second, RayCool 8, costs $41,475.00 to install, $2,041.00 to operate per year for 5 years at which time it will be sold for $9,069.00. The firm's cost of capital is 6.75%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places