Lakeside Incorporated is considering replacing old production equipment with state-of-the-art technology that will allow production cost savings of $10,000 per month. The new equipment will have a five-year life and cost $450,000, with an estimated salvage value of $30,000. Lakesides cost of capital is 8%.

Required:

Calculate the present value ratio of the new production equipment. Round the PV factors to 4 decimals. Round your answer to 2 decimal places.