38. An automatic process controller will eliminate the current manual control operation. Annual cost of the current method is $4,000. If the controller has a service life of 13 years and an expected market value of 11% of the first cost, what is the maximum economical price for the controller? Ignore interest.

(a) $28,869

(b) $58,426

(c) $26,358

(d) $25,694

(e) $53,344