Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $380,000 due in 22 years. Toni Flanders, the company's CEO, is scrambling to discount the liability to the present to assist in valuing the firm's stock. If the appropriate discount rate is 8 percent, what is the present value of the liability?

The present value of the liability is $___ ? (round to nearest cent)