it is asking for the equivalent annual cost

A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,682.00 to install, $5,137.00 to operate per year for 7 years at which time it will be sold for $7,081.00. The second, RayCool 8, costs $41,914.00 to install, $2,122.00 to operate per year for 5 years at which time it will be sold for $9,089.00. The firm's cost of capital is 6.98%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places