Frank Incorporated is trying to decide whether to lease or purchase a plece of equipment needed for the next 10 years. The equipment would cost $53,000 to purchase, and maintenance costs would be $5,900 per year. After 10 years, Frank estimates it could sell the equipment for $23,000. If 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 cost of capital of 10%, it would be better off by $5,600 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, Future Value Annuity of $1, Present Value Annuity of $1) Note: Use the appropriate factors from the PV tables. Multiple Choice OOO $14,000 $15.250 $9,000 $11,000