Problem $8-33$ Real Cash Flows

When Marilyn Monroe died, ex$-$husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in $1962,$ a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $$5.$ Based on actuarial tables, "Joltin" Joe" could expect to live for $20$ years after the actress died. Assume that the EAR is $9\mathrm{.}9$ percent. Also, assume that the price of the flowers will increase at $3\mathrm{.}5$ percent per year, when expressed as an EAR. Assume that each year has exactly $52$ weeks and Joe began purchasing flowers the week after Marilyn died. What is the present value of this commitment? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Present value