Assume the appropriate discount rate for the following cash flows is 10.89 percent per year.

Year	Cash Flow
1	$2,700
2	3,100
3	5,300
4	5,900

Required:

What is the present value of the cash flows? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)