Sheldrick Contracting owes Western Equipment $65,000 payable on June 14. In late April, Sheldrick has surplus cash and wants to settle its debt to Western Equipment, if Western will agree to a fair reduction reflecting the current 3.90% interest rate that short-term funds can earn.

What amount on April 29 should Sheldrick propose to pay to Western? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Sheldrick Contracting should propose to pay $...,?