KennelCorporation is making a $78,900investment in equipment with a5-year life. The company uses the straight-line method of depreciation and has a tax rate of20percent. The company's required rate of return is14percent.

Present value of $1 due in n periods

5-year life at 20% = 0.4019

Present value of an annuity of $1 per period

5-year life at 20% = 2.9906

What is the present value of the tax savings related to depreciation of the equipment?(Round present value factor calculations to 4 decimal places, e.g. 1.2151 and final answer to 0 decimal place, e.g. 125. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

The present value $