Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of

$395,000

due in

25

years. In other words, they will need

$395,000

in

25

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?

If the appropriate discount rate is

8

percent, the present value of the

$395,000

liability due in

25

years is

$nothing.

(Round to the nearest cent.)