Concose Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $260,000. The annual cost savings if the new machine is acquired will be $95,000. The machine will have a 5-year life, at which time the terminal disposal value is expected to be $35,000. Concose Park Department is assuming no tax consequences.

If Concose Park Department has a required rate of return of 14%, which is closest to the present value of the project?