You are considering the purchase of a lathe. You expect to require the service of the lathe for the duration of your project which you think will be $10$ years. The lathe you are considering should cost $$4000,$ has a one$-$year useful life, requires monthly maintenance of $$300$ each month, and has a scrap value of $$500$ at the end of its useful life. MARR is $18\%$ compounded monthly. Find the Present Equivalent Cost, PEC, of the $10-$year service project.

The solution is within $$250$ of which of the following?