Monroe Corporation is considering the purchase of new equipment. The equipment will cost $49,000 today. However, due to its greater operating capacity, Monroe expects the new equipment to earn additional revenues of $8,500 by the end of each year for the next 10 years.

1-a. Assuming a discount rate of 7% compounded annually, calculate the present value of annuity. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answer to 2 decimal places.)