$($Related to Checkpoint $5\mathrm{.}4)($Present value$)$ Ronen

Consulting has just realized an accounting error that

has resulted in an unfunded liability of $$385,000$ due in

$30$ years. In other words, they will need $$385,000$ in

$30$ years. Toni Flanders, the company's CEO, is

scrambling to discount the liability to the present to

assist in valuing the firm's stock. If the appropriate

discount rate is $7$ percent, what is the present value of

the liability?

If the appropriate discount rate is $7$ percent, the preser

value of the $$385,000$ liability due in $30$ years is $

$($Round to the nearest cent.$)$