Baber Corporation is planning an investment with the following characteristics: (Ignore income taxes in this problem.)

Useful life	8 years
Yearly net cash inflow	$70,000
Salvage value	$0
Internal rate of return	17%
Required rate of return	13%

Click here to view Exhibit 13B-2 to determine the appropriate discount factor(s) using tables.

The initial cost of the equipment is closest to: (Round discount factor(s) to 3 decimal places)