What is the present value of a 8-year annuity of $3,500 per period in which payments come at the beginning of each period? The interest rate is 11 percent. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. When using Appendix D to find the present value of this annuity due, subtract 1 from n and add 1 to the table value.

Note: Do not round intermediate calculations. Round your final answer to 2 decimal places.