Rae Company purchased a new vehicle by paying $10,100 cash on the purchase date and agreeing to pay $3,100 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 8%. The vehicle reported on the balance sheet as of the purchase date is closest to: a) 62,000 b) 72,100 c) 60,789 d) 50,689