Cotten Ltd$.$ decides to lease some equipment from Dawn Ltd$.$ on the following terms:

Duration of lease: $15$ years Life of leased asset: $17$ years

Bargain Purchase Option: $$5,000$

Lease payment: $$6,000($paid at lease inception$)$

Annual lease payments $($in arrears$)$: $$4,500($per year $-15$ payments$)$

If the interest rate rate implicit in the lease is $8\%,$ what is the fair value of the equipment at inception of the lease $($rounded to the nearest dollar$)?$