The frigate as a modern equivalent of the 74-gun ship

What would be the modern equivalent of a 74-gun ship?

Probably a frigate, because it combines sufficient capability for task-group service with a price that permits construction in larger numbers.

A frigate is suggested as the closest modern equivalent of the 74-gun ship. The comparison rests on being capable enough to serve in most task groups while remaining affordable enough to build in larger numbers.