Smith Company has purchased a new office building. The company has agreed to pay the developer $55,000 annually for 9 years. (Use Table 2)

Using present value techniques, determine the value that should be recorded for the building when it is purchased. Assume a 6 percent annual interest rate. (Round "PV Factors" to 4 decimal places and final answer to the nearest whole dollar amount. Omit the "$" sign in your response.)