Rae Company purchased a new vehicle by paying $$11,400$ cash on the purchase date and agreeing to pay $$4,400$ every three months during the next five years. The first payment is due three months after the purchase date. Rae's incremental borrowing rate is $16\%.$ The vehicle reported on the balance sheet as of the purchase date is closest to: $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Note: Use the appropriate factor$($s$)$ from the tables provided.

Multiple Choice

$$99,400.$

$$71,197.$

$$88,000.$

$$59,797.$