The Lancer Leasing Company has agreed to lease a hydraulic trencher to the Chavez Excavation Company for $70,000 a year over the next 8 years. Lease payments are to be made at the beginning of each year. Assuming that Lancer invests these payments at an annual rate of 8 percent, how much will it have accumulated by the end of the 8th year? Use Table III or a financial calculator to answer the question. Round your answer to the nearest dollar.