Cocoa Beach Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $300,000. The annual cost savings if the new machine is acquired will be $80,000. The machine will have a 5-year life, at which time the terminal disposal value is expected to be $40,000. Cocoa Beach Park Department is assuming no tax consequences. If Cocoa Beach Park Department has a required rate of return of 10%, which of the following is closest to the present value of the project? Present Value Tables are in Blackboard.

		$3,264
		$24,836
		$28,120
		$300,000