$3)$ The Fantasy Island Resort & Spa prison is looking for a way to cut its monthly costs. The Concierge would like to pay a judge to guarantee that prisoners in poor health win their appeals and get set free. The company believes it can realize the monthly cost savings to the right over the initial year of the plan. What is the present value of the first year's monthly cost savings? Assume a discount rate of $8\%.($round to nearest whole $$)$

Month Savings $($$$)$

$13,000$

$24,500$

$35,500$

$47,500$

$59,000$

$69,700$

$79,400$

$89,800$

$95,800$

$104,000$

$112,900$

$123,300$

Total $74,400$

I NEED THE EXCEL FORMULA PLEASE. The answer is $$46,840.$