You are the engineering manager of a commercial organic composting facility. You have determined that annual operation and maintenance (O & M) costs have been rising 4% per year over the last decade, and you expect this trend will continue for the next 6 years (i.e., 4% increase every year, 2020 through 2025). Last years O & M costs were $50,000 (i.e., for the year 2019). Your MARR is 8%, compounded annually. Ignore any other inflation effects. Assume annual O & M costs are paid at each year-end, and it is now January 1^st, 2020. What is the present value (as of January 1, 2020) of all O & M costs for 2020 through 2025?