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A firm is considering replacing the existing industrial air conditioning unit. They will pick one...

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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 $26,019.00 to install, $5,165.00 to operate per year for 7 years at which time it will be sold for $7,077.00 The second, RayCool 8, costs $41,207.00 to install, $2,083.00 to operate per year for 5 years at which time it will be sold for $9,091.00. The firm's cost of capital is 6.23%. What is the equivalent annual cost of the RayCool8? Assure that there are no taxes. Submit Answer format: Currency: Round to: 2 decimal places

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