Equipment with a cost of $154,534 has an estimated residual value of $8,292 and an estimated life of 3 years or 15,073 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,927 hours?

a.$3.00

b.$38,100.73

c.$48,747.33

d.$37.24