Econo-Cool air conditioners cost $330 to purchase, result in electricity bills of $156 per year, and last for 5 years. Luxury Air models cost $530, result in electricity bills of $112 per year, and last for 8 years. The discount rate is 20%.

a. What is the equivalent annual cost of the Econo-Cool model? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

b. What is the equivalent annual cost of the Luxury Air model? (Do not round intermediate calculations. Round your answers to 2 decimal places.)