Ivanhoe Company purchases a licence from Redo Industries for the right to manufacture and sell products using Redo's processes and technologies. Ivanhoe estimates it will earn $7,900 per year from this licence over the next 10 years (at the end of each year). Assume Ivanhoe uses 6% as the discount rate. What is the value in use to Ivanhoe of this licence? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 5,275.)