A corporation has decided to replace an existing asset with a newer model. Two years ago, the existing asset originally cost $$31474$ and was being depreciated under MACRS using a five$-$year recovery period. The existing asset can be sold for $$41954.$ The new asset will cost $$91545$ and will also be depreciated under MACRS using a five$-$year recovery period. The investment required no change in net working capital. If the assumed tax rate is $40$ percent on ordinary income and capital gains, the initial investment is:

Note: Use one decimal place. Insert numbers only. Use the MACRS table in the slides.