Question 1 2 pts The City of Houghton is considering building a new landfill. The landfill will require an initial investment of 786,437 dollars (time/year=0) and is expected to last for 34 years. During the first year, labor costs will be 194,274 dollars, materials will cost 61,048 dollars, and administration costs will be 33,061 dollars. Depreciation on the machinery and equipment bought for the landfill will be 76,983 dollars per year. The combined income tax rate is 40%. If revenue for the landfill is expected to be 603,970 each year, calculate the amount of taxes the landfill pays in year 1. (note: round your answer to two decimal places; do not include spaces or dollar signs.)