Standby power for a manufacturing firm is currently produced using diesel-powered generators. In three years the company can switch to natural gas-powered generators. The company believes it can save $26,422 per year through year 8. If the company uses an interest rate of 8%, what is the present value at time 0 of the projected savings that will occur in years 3 through 8? The present value at time 0 of the projected savings in years 3 through 8 is $ 104720. (Round to the nearest dollar)