Find the present value of an investment in equipment if it is expected to provide annual savings of $26,000 for 10 years and to have a resale value of $76,000 at the end of that period. Assume an interest rate of 11% and that savings are realized at year end. (Round factor values to 5 decimal places, e.g. 1.25125 and final answer to 0 decimal places, e.g. 458,581.)