(Present value of an annuity) Determine the present value of an ordinary annuity of $4,000 per year for 15 years, assuming it earns 12 percent. Assume that the first cash flow from the annuity comes at the end of year 6 and the final payment at the end of year 20. That is, no payments are made on the annuity at the end of years 1 through 5. Instead, annual payments are made at the end of years 6 through 20. The present value of the annuity at the end of year 5 is $. (Round to the nearest cent.)