Answer the following questions given the following facts. (Ignore tax and inflation for the purposes of these questions.) A dwelling investment is purchased now for $295,000 with cash. The annual cash inflow from the investment is anticipated to be $20,000. The annual cash outflow is anticipated to be $2,000. Assume that the annual cash inflow of $20,000 and outflow of $2,000 are respectively received and paid in arrears by the investor from now until sale of the investment. The investment is sold in five years for an amount equivalent to the capital value of the annual cash flows at 5%. The discount rate is 7%.

What is the discount (or at what amount are the cash flows discounted at) in Year 0?(Round your answer to two decimal places.)