Vancouver Shakespearean Theaters board of directors is considering the replacement of the theaters lighting system. The old system requires two people to operate it, but the new system would require only a single operator. The new lighting system will cost $109,950 and save the theater $23,000 annually for the next eight years. Use Appendix A for your reference. Note: Use appropriate factor(s) from the tables provided. Suppose the Vancouver Shakespearean Theaters board is uncertain about the cost savings with the new lighting system. Required: How low could the new lighting systems annual savings be and still justify acceptance of the proposal by the board of directors? Assume the theaters hurdle rate is 12 percent. Note: Round final answer to 2 decimal places.