(Present value of an annuity)Determine the present value of an ordinary annuity of

$2,000

per year for

20

years, assuming it earns

16

percent. Assume that the first cash flow from the annuity comes at the end of year

7

and the final payment at the end of year

26.

That is, no payments are made on the annuity at the end of years 1 through

6.

Instead, annual payments are made at the end of years

7

through

26.

The present value of the annuity today is ????

(Round to the nearest cent.)