A company is considering purchasing a new machine tool. In addition to the initial purchase and installation costs, management is concerned about the machine's maintenance costs, which are expected to be $1,374 at the end of the first year of the machine's life and increase 7.4 percent/year thereafter. The machine tool's expected life is 14 years. Company management would like to know the present worth equivalent for expected costs. the firm's time value of money is 10 percent/year compounded monthly, what is the present worth equivalent? State your answer with 2 decimal places