What is the total present value cost of a new regulatory program that increases timber harvesting costs by $400 each time a harvest is conducted, assuming your land is being managed on a 60 year old rotation schedule, your first harvest is in 60 years, and the discount rate is 5%?

1. 6,642

2. 1,275

3. 8,000

4. 23

5. 76

6. 24,000

7. 67

8. 87