A 20-year U.S. Treasury bond with a face value of $10,000 pays a coupon of 5.25% (2.625% of face value every six months). The semiannually compounded interest rate is 4.8% (a six-month discount rate of 4.8/2 = 2.4%). What is the present value of the bond? (Do not round intermediate calculations. Round your answer to 2 decimal places.)