If no other specification is made, assume the annuity is an ordinary annuity (with deposits/payments made at the end of each compounding period).

The U.S. Bureau of Reclamation is considering building a dam and reservoir to hold water. The construction of the dam and reservoir will take four years. The winning bid for the construction has been awarded and contracted and will cost nine billion dollars spread equally over the four years of construction, with payments made every quarter. What is the present value (PV) of the dam and reservoir if the interest rate is 5%, compounded quarterly? (Round your answer to the nearest dollar.)

$__________