A firm is considering replacing the oxisting industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,016.00 to instali, $5,091.00 to operate per year for 7 years at which time it will be sold for $7,039.00. The second, RayCool 8 , costs $41,149.00 to install, $2,183,00 to operate per year for 5 yoars at which time it will be sold for $8,963,00. The firm's cost of capital is 5.85%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal placos