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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 AC360, costs $26,139.00 to install, $5,161.00 to operate per year for 7 years at which time it will be sold for $6,881.00. The second, Raycool 8, costs $41,080.00 to install, $2,048.00 to operate per year for 5 years at which time it will be sold for $9,021.00. The firm's cost of capital is 6.32%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes Submit Answer format: Currency Round to: 2 decimal places