Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $20,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine of $3,200 annually for 12 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

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