You decide to purchase some equipment for your business. You have have two alternative payment plans in which you pay for the equipment at a later date. Alternative A has a 1.6% annual cost of capital and you will owe $528 in 5 years. Alternative B has a 8.5% annual cost of capital and you will owe $571 in 13 years. 

What is the present value of the alternative that you should choose (Round to the nearest cent)?