Phillips Industries runs a small manufacturing operation. For this year, it expects to have real net cash flows of $275,000. Phillips is an ongoing operation, but it expects competitive pressures to erode its (inflation-adjusted) net cash flows at 8.5 percent per year. The appropriate real discount rate for Phillips is 13 percent. All net cash flows are received at year-end. What is the PV of the net cash flows from Phillips' operations? (Do not round intermediate calculation. Round the answer to 2 decimal places. Omit $ sign in your response.)