A company needs an increase in working capital of $25,000 in a project that will last 8 years. The company's tax rate is 30% and its after-tax discount rate is 7%.

Click here to view Exhibit 13B-1 to determine the appropriate discount factor(s) using table.

The present value of the release of the working capital at the end of the project is closest to: (Round your final answer to the nearest whole number.)