A 10-year project is evaluated under two scenarios: (i) with inflation, and (ii) without inflation. Without inflation under 10% interest rate its present worth is $21,851. If annual inflation of 2% is assumed, then the project's present worth becomes 24% lower. It is also known that the project has first cost, no operating costs, the depreciation rate of 12%, and it brings annual revenue. What is the project's first cost?