Mark Weinstein has been working on an advanced technology in laser eye surgery. His technology will be available in the near term. He anticipates his first annual cash flow from the technology to be $355,000, received two years from today. Subsequent annual cash flows will grow at 5 percent in perpetuity.

What is the PV of the technology if the discount rate is 9 percent? (Do not round intermediate calculations. Round the answers to 2 decimal places. Omit $ sign in your response.)

Present value of the technology $