A plastic plant worth $ 216,915 had a useful life of 12 years and a scrap value of $ 11,744. However, after 3 years of operation, it got washed away by a tsunami, making it a total loss. How much money would have to be raised to put a new plant costing $ 263,306, if a fund reserve was maintained during its 3 years operation using a Sinking Fund method with an interest of 20%?