Steven Googal owns a garage and is contemplating purchasing a tire retreading machine for $18,500. After estimating costs and revenues, Steven projects a net cash inflow from the retreading machine of $4,070 annually for 9 years. Steven hopes to earn a return of 11% on such investments. What is the present value of the retreading operation? Should Steven Googal purchase the retreading machine? (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (Round answer to 2 decimal places, e.g. 15.25.)