Assume the appropriate discount rate for the following cash flows is 9.6 percent. Year Cash Flow 1 $1,800 2 1,700 3 1,400 4 1,200 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).) Present value