Your firm intends to buy a CNC lathe for 100,000. In each of the first three years of operation the lathe will contribute 33,000 per year. In the fourth year the lathe will be sold for scrap for 20,000 and not used further. You have been asked to work out the present value of the purchase of the lathe if interest is 7%. Give the present value of the lathe to the nearest 10.