Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $30,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine of $4,800 annually for 10 years. Barney hopes to earn a return of 8% on such investments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the retreading operation?