Purchased a piece of equipment three years ago for $237,000. It has an ADR midpoint of eight years. The old equipment can be sold for $91,750. A new piece of equipment can be purchased for %335,500. It also has ab ADR if eight years. Assume the old and new equipment would provide the following operating gains (or losses) over the next six years.

YEAR I NEW EQUIPMENT I OLD EQUIPMENT

1 $78,500 $23,750

2 75,500 15,750

3 69,750 8,500

4 62,000 6,250

5 48,250 6,500

6 44,000 -8,750

The firm has a 25% tax rate and a 9% cost of capital.

What is the present value of incremental benefits? (round the solution to two decimal places)