A firm with 1,100,000 shares outstanding that sell for $40 each is considering a rights offering. If 220,000 new shares are offered at $30 each, what will be the new market value of the firm?

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.