Consider a palletizer at a bottling plant that has a first cost of \(\$ 150,000\), has operating and maintenance costs of \(\$ 17,500\) per year, and an estimated net salvage value of \(\$ 25,000\) at the end of 30 years. Assume an interest rate of 8 percent/year. What is the future equivalent cost of the investment if the planning horizon is 30 years?

a. \(\$ 3,371,000\)

b. \(\$ 3,467,000\)

c. \(\$ 3,623,000\)

d. \(\$ 3,980,000\)