Marin Company leases an automobile with a fair value of $ 11,679 from John Simon Motors, Inc., on the following terms:

1.		Non-cancelable term of 50 months.
2.		Rental of $ 230 per month (at the beginning of each month). (The present value at 0.5% per month is $ 10,204.)
3.		Marin guarantees a residual value of $ 1,600 (the present value at 0.5% per month is $ 1,247). Marin expects the probable residual value to be $ 1,600 at the end of the lease term.
4.		Estimated economic life of the automobile is 60 months.
5.		Marins incremental borrowing rate is 6% a year ( 0.5% a month). Simons implicit rate is unknown.

Question: What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal places, e.g. 5,275.)