Please explain using equations.

#1 7 A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,048.00 to install, $5,197.00 to operate per year for 7 years at which time it will be sold for $7,037.00. The second, RayCool 8, costs $41,671.00 to install, $2,079.00 to operate per year for 5 years at which time it will be sold for $8,932.00. The firm's cost of capital is 6.69%. What is the equivalent annual cost of the AC360? Assume that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places. unanswered not_submitted Attempts Remaining: Infinity