3. The City of Harrison has decided to build a downtown parking garage to house city employee's vechiles. Since the city has to demolish several buildings , on the site, the project will take five years to complete. The city expects to save $30,000.00 a year once the project is completed. Using a 6% discount rate determine the present value (PV) of the $30,000.00 savinga at the end of the five year period.