The cost of an electrode position control system in an electric arc furnace was $16,000 when the applicable equipment cost index had a value of 1192. If the current index value is 1364 and the exponent in the cost-capacity equation has a value of 0.65, the estimated cost now of a similar system twice as large is closest to:

(a) $17,465

(b) $21,545

(c) $28,730

(d) $36,130