Pharoah Googal owns a garage and is contemplating purchasing a tire retreading machine for $15,820. After estimating costs and revenues, Pharoah projects a net cash inflow from the retreading machine of $3,000 annually for 8 years. Pharoah hopes to earn a return of 9% on such investments. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the retreading operation? (Round answer to 2 decimal places, e.g. 25.25.) Present value $