Present value of bonds payable; discount

Pinder $Co.$ produces and sells high$-$quality video equipment. To finance its operations, Pinder issued $$25,000,000$ of $5-$year, $7\%$ bonds, with interest payable semiannually, at a market $($effective$)$ interest rate of $9\%.$

Determine the present value of the bonds payable, using the present value tables in Exhibit $5$ and Exhibit $7.$ Round to the nearest dollar.