Gluon Incorporated is considering the purchase of a new high pressure

glueball. It can purchase the glueball for $$120,000$ and sell its old low$-$

pressure glueball, which is fully depreciated, for $$20,000.$ The new

equipment has a $10-$year useful life and will save $$28,000$ a year in

expenses before tax. The opportunity cost of capital is $12\%,$ and the

firm's tax rate is $21\%.$ What is the equivalent annual saving from the

purchase if Gluon can depreciate $100\%$ of the investment immediately.

Note: Do not round intermediate calculations. Round your answer to

$2$ decimal places.