A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,366.00 to install, $5,153.00 to operate per year for 7 years at which time it will be sold for $7,126.00. The second, RayCool 8, costs $41,897.00 to Install, $2,044.00 to operate per year for 5 years at which time it will be sold for $8.985.00. The firm's cost of capital is 5.13%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes Submit Answer format: Currency: Round to: 2 decimal places