The function C(t)=C₀(1+r)^t models the rise in the cost of a product that has a cost of C₀ today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 9 years is assumed to be 1.5%, what will the inflation-adjusted cost of a $31,500 motorcycle be in 9 years? Round to two decimal places.