Silverton Inc. issues $1,250,000 of 16-year bonds yielding 11% interest payable at each year-end. If the market rate for similar risk bonds is 9%, what is the present value of these bonds? In the answer field, please put your answer in bold font and show your work to receive credit (including the factor/table (e.g., Table 6.5 or PVAD), interest rate, and number of periods used). Use all of the digits in the table and round dollar amounts to the nearest dollar.