A and B were partners in a firm sharing profits equally. Their capitals were: A – Rs. 1,20,000 and B – Rs. 80,000. The annual rate of interest is 20%. Profits of the firm for the last three years were Rs. 34,000, Rs. 38,000 and Rs. 30,000. They admitted C as a new partner. On C’s admission the goodwill of the firm was valued at 2 years purchase of the super profits. Calculate the value of goodwill of the firm on C’s admission.