Frank Inc. is trying to decide whether to lease or purchase a piece of equipment needed for the next ten years. The equipment would cost $45.000 to purchase, and maintenance costs would be $5.800 per year. After ten years, Frank estimates it could sell the equipment for $26.000. I Frank leased the equipment, it would pay a set annual fee that would include all maintenance costs. Frank has determined after a net present value analysis that at its hurdle rate of 20%, it would be better off by 56,200 if it buys the equipment. What would the approximate annual cost be if Frank were to lease the equipment? (Future Value of $1. Present Value of $1. Euture Value Annuity of $1. Present Value Annuity of $1.(Use appropriate factor from the PV tables. Do not round intermediate calculations. Round your final answer to the nearest hundred.) Mumple Choice O $12.000 C 07000 O $4.000 o $.250