Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,275, $1,345, $1,495, $1,635, and $1,620 over the next five years. If the friend normally discounts investments cash flows at 8.50 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.) Present value $