Costco Corporation has agreed to pay employees who have worked for the company more than 10 years a retirement bonus of $20,000 upon retirement. Rick Jamison has worked for Costco for 15 years. Costco estimates that Rick will retire in seven years. If interest accrues quarterly and Costco can earn an annual return on deposits of 3 percent, how much would Costco have to deposit today in order to have exactly $20,000 to pay Rick at the end of seven years? (Round your answer to 2 decimal places. Use the Excel PV Function to calculate the present value.)

Present value?