Strauss Corporation is making a $89,000 investment in equipment with a 5-year life. The company uses the straight-lines method of depreciation and has a tax rate of 40 percent. The company's required rate of return is 12 percent. What is the present value of the tax savings related to depreciation of the equipment? (Round present value factor calculations to 4 decimal places, e.g. 1.2151 and final answer to 0 decimal place, e.g. 125.)