You are going to receive $201,000 in 25 years. What is the difference in present value between using a discount rate of 8 percent versus 4 percent? Use Appendix B as an approximate answer, but calculate your final answer using the formula and financial calculator methods.

Note: Input your answer as a positive value. Do not round intermediate calculations. Round your final answer to 2 decimal places.

Difference in present value = ______