Jefferson City has decided to build a downtown parking garage to house city

employee's vehicles. Since the city has to demolish several buildings on the site,

the project will take five years to complete. The city expects to save $30,000.00

a year once the project is completed.

Using a 5% discount rate, determine the

present value (PV) of the $3 0,000.00 savings at the end of the five year period