Equipment with a cost of $164,799 has an estimated residual value of $7,291 and an estimated life of 7 years or 14,876 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 3,999 hours?

a.$22,501.14

b.$7.00

c.$42,341.66

d.$39.39