You currently have a 30-year fixed-rate mortgage financed at 7.25% on a $227,000 home. There are 20 years remaining on the mortgage. Your banker friend tells you that for a small fee ( 2.93% of the principal borrowed), you can refinance the remaining balance of your mortgage at a fixed rate of 4.75% for 20 years. What is the present value of the benefit (net savings) to refinancing? Round your answer to two decimal places