A water-service public utility district is considering some new replacement pumping equipment to reduce operating expenses and improve service reliability. The base time period is the present, or year zero. The estimated annual savings in year zero dollars is $78,000. The utility district uses an eight-year study period for this type of equipment replacement study; the general price inflation rate is projected to be 4.6% per year; the total price escalation rate for operating expenses is projected to be 6.2% per year; the utility district is using a MARRDof 9.5% per year; the old equipment has no net market value; and no income taxes are involved. Based on these estimates, calculate the maximum amount that could be paid for the equipment now, using both an actual dollar and a real dollar analysis