A company with 830,000 shares outstanding is considering a rights offering. The company's shares currently sell for $40 per share. If the company proceeds with the rights offering, 42,000 new shares will be issued at a subscription price of $35 per share. The company is looking to raise $1,470,000. What will be the new market value of this company if it proceeds with the rights offering?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.