Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $17,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine of $3,800 annually for 7 years. Barney hopes to earn a return of 10% on such investments. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What is the present value of the retreading operation? (Round answer to 2 decimal places, e.g. 25.25.)

Present value $ ???????