Rorys foundation supports numerous childrens charities. Suppose Rory wanted to establish a scholarship fund which would pay an annual scholarship of $22,000 paid at the beginning of each year. The scholarships would grow at a rate of 1.50% per year forever.

How much would Rory have to invest today to establish this scholarship fund? Assume the account can earn interest of 5.50% compounded annually.

(Please enter your answer with 2 decimal places. Do not use commas or units)