Kern Corporation signed a $5$ year equipment lease agreement. The annual payments are $$11,000$ at $8\%.$ The present value of an annuity factor for $5$ years at $8\%$ is $3\mathrm{.}9927.$ The present value factor of $$1$ for $5$ years is $\mathrm{.}6806.$ The present value of the lease is:

a$)$ $$55,000.$

b$)$ $$44,000.$

c$)$ $$47,433.$

d$)$ $$43,920.$

e$)$ none of the above.