Akron Coating and Adhesives (ACA) produces a hot melt adhesive that provides a strong bond between metals and thermoplastics when used for weather stripping, seals, gaskets, hand grips for tools, appliances, etc. ACA claims that by eliminating a primer coat, manufacturers can cut costs and reduce scrap. If Porter Cable is able to save

$60,000 now and $40,000 per year thereafter by switching to the new adhesive, what is the present worth of the savings for three years at an interest rate of 10% per year?