As a retirement benefit, Jeff receives an annuity due which makes annual payments for 20 years. The first payment is 10,000. For each payment thereafter, the payment is 1500 greater than the prior payment. In other words, the first payment is 10,000. The second payment is 11,500. The third payment is 13,000, etc.

Calculate the present value of this retirement benefit at an annual effective rate of 6.9%.

(Round your answer to the nearest 2 decimal places.)