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please answer correctly A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC

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A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC 360 , costs $26,950.00 to install, $5,082.00 to operate per year for 7 years at which time it will be sold for $6,885.00. The second, RayCool 8 , costs $41,134.00 to install, $2,008.00 to operate per year for 5 years at which time it will be sold for $8,996.00. The firm's cost of capital is 5.97%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Answer format: Currency: Round to: 2 decimal places

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