Jacob Two Corp is considering a project that would require the purchase of an asset for $110,000. The asset belongs in a 20% CCA class and is expected to have no salvage value at the end of the 3-year project. The project would require a net working capital investment of $22,000 up-front. The company has a tax rate of 25% and a required return of 12%. The project is expected to generate annual pre-tax cost savings of $49,000. What is the expected present value of after-tax savings for this project?

Please do not round intermediate calculations. Round the final answer to 2 decimal places.

Please show all your steps that you take to resolve this. Please be very clear, so that I understand what steps you take. If typing, please bold your responses per step. Make sure to follow all rounding instructions.