ABC acquired equipment on January 1,2022 for $3,000 cash, plus a note which is payable in 5 annual instalments of $2,000 each beginning on December 31,2022 . If the market interest rate on similar notes is 10 percent (and is implicitly included in the annual instalments) the cost of the equipment (rounded to the nearest dollar) is: : a. $11,626 b. $12,000 C. $10.580 d. $8,000