Exercise $12$A$-4($Algo$)$ Basic Present Value Concepts $[$L$012-7]$

Fraser Company will need a new warehouse in eight years. The warehouse will cost $$490,000$ to build.

Click here to view Exhibit $128-1$ and Exhibit $128-2,$ to determine the appropriate discount factor$($s$)$ using tables.

Required:

What lump$-$sum amount should the company invest now to have the $$490,000$ available at the end of the eight$-$year period? Assume that the company can invest money at: $($Round your final answer to the nearest whole dollar amount.$)$

$\backslash$table$[[,$Present Value$],[1.$ Four percent,$],[2.$ Eight percent,$]]$