A company purchases a new machine by issuing an $18,000 non-interest-bearing four-year note. The company expects to pay off the obligation by paying $4,500 at the end of each year. The market rate for obligations of this type is 8%. The present value of an annuity at 8% for four periods is 3.312127. The machine would be recorded at a cost of

a.	$ 4,500.00
b.	$ 14,904.57
c.	$15,462.58
d.	$18,000.00