A grader costs $350,000 to purchase and is expected to have a useful life of 8 years. Annual operating and maintenance costs are estimated 0o to be $35,000 per year, and the salvage value after 8 years of use is estimated to be $50,000. At an interest rate of 9%, what is the present worth equivalent cost to the contractor of owning and operating the grader? on (Use 1000 Separator)