(Ignore income taxes in this problem.) Lichty Car Wash has some equipment that needs to be rebuilt or replaced. The following information has been gathered concerning this decision: Present Equipment New Equipment purchase cost new.................................. $47,000 $45,000 remaining book value.............................. $20,000 cost to rebuild now................................. $20,000 major maintenance at the end of 3 years..... $5,000 $3,000 annual cash operating costs..................... $9,000 $7,000 salvage value in 5 years .......................... $2,000 $6,000 salvage value now .................................. $8,000 Lichty uses the total-cost approach and a discount rate of 10% in making capital budgeting decisions. Regardless of which option is chosen, rebuild or replace, at the end of five years Mr. Lichty plans to close the car wash and retire. If the new equipment is purchased, the present value of all cash flows that occur now is: a.$(45,000) b.$(39,000) c.$(37,000) d.$(34,000)