Assume the appropriate discount rate for the following cash flows is 9.8 percent.

Year	Cash Flow
1	$1,900
2	1,800
3	1,500
4	1,300

Required:

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

Present value

$