Acme Packing Company is evaluating whether its new equipment should be purchased for $448,617 or leased for $134,536 for 5 years with payments made at the beginning of each year. The firm pays 11% on its debt and faces a tax rate of 40%. The tax benefits are assumed to occur evenly throughout the year (use the mid-year approximation). What is the total cost of leasing the equipment (in present value terms)? Although the net cost will represent a cash outflow, present your answer as a positive number.