A furnace installed at a cost of $Rs.\:24$ Lakh is expected to serve its useful life of $5$ years. Salvage value of the furnace is $Rs.\:8$ Lakh. The interest rate compounded annually is $8\%$. The estimated capitalized cost (in Lakhs of rupees ) is

1. $30$
2. $34.09$
3. $34.9$
4. $58.09$