The answer is 53,344. . . Show your work.

3-38. An automatic process controller will eliminate the current manual control operation. Annual cost of the current method is $4,000. If the controller has a service life of 13 years and an expected market value of 11% of the first cost, what is the maximum economical price for the controller? Ignore interest. a. 28,869 b. 58,426 c. 26,358 d. 25,694 e. 53,344