(Present value)Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $385,000 due in 28 years. In otherwords, they will need $385,000 in 28 years. ToniFlanders, thecompany's CEO, is scrambling to discount the liability to the present to assist in valuing thefirm's stock. If the appropriate discount rate is 9 percent, what is the present value of theliability?

If the appropriate discount rate is 9 percent, the present value of the $385,000 liability due in 28 years is $ nothing. (Round to the nearestcent.)