Please explain equations used without using excel cells.

#1 unanswered not_submitted A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,811.00 to install, $5,164.00 to operate per year for 7 years at which time it will be sold for $7,115.00. The second, RayCool 8, costs $41,860.00 to install, $2,163.00 to operate per year for 5 years at which time it will be sold for $8,922.00. The firm's cost of capital is 6.99%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Attempts Remaining: Infinity Submit Answer format: Currency: Round to: 2 decimal places