Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $12,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine of $2,700 annually for 7 years. Barney hopes to earn a return of 9% on such investments. What is the present value of the retreading operation? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.27541. Round answer to 2 decimal places, e.g. 25.25.) Present value $