You are thinking of building a new machine that will save you $$$$4$ comma $000$ in the first year. The machine will then begin to wear out so that the savings decline at a rate of $2\%$ per year forever. What is the present value of the savings if the interest rate is $8\%$ per$$ year?

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Part $1$

The present value of the savings is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$