A company is considering a project that would require an intial cash outflow in the amount of $175,000 at the beginning of project (i.e. t=0). The project has an expected cash inflow in the amount of $35,000 at the end of the first year. The company requires a 12% return on investment. If you were computing the discounted paypack period for the project, what amount would you subtract from the initial cost of $175,000 to find the amount of the intial cost remaining to be recovered at the end of the first year of the project on a discounted basis?