$2$ Karan Patel wants to sell to you an investment contract that pays $$22,500$ equal amounts at the end of each year for the duration of this contract for $20$ years. If the buyer $($Investor$)$ requires an effective annual return of $8$ percent on this investment contract $($Bond$),$ how much will you pay for the issuance of this contract today? Note you are ONLY calculating the present value of the investment contract. Round up your answer to two decimal places.