Frank Inc. is trying to decide whether to lease or purchase a piece of equipment needed for the next ten years. The equipment would cost $65.000 to purchase, and maintenance costs would be $5,300 per year. After ten years, Frank estimates it could sell the equipment for $24,000 If Frank leased the equipment, it would pay a set annual fee that would include all maintenance costs. Frank has determined after a net present value analysis that at its hurdle rate of 12%, it would be better off by $20,100 if it buys the equipment What would the approximate annual cost be if Frank were to lease the equipment? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Do not round Intermediate calculations. Round your final answer to the nearest hundred.) Multiple Choice $16.000 $20.250 $19.000 $14,000