Costs associated with the manufacture of miniature high-sensitivity piezoresistive pressuretransducers is $74,000 per year. A clever industrial engineer found that by spending$17,000 now to reconfigure the production line and reprogram two of the robotic arms, thecost will go down to $49,000 next year and $57,000 in years 2 through 5. Using an interestrate of12% per year, determine the present worth of the savings due to the reconfiguration.

The present worth of the savings is determined to be ?