Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $ 395,000$ due in 22 years. Toni Flanders, thecompany'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 the nearest cent.)