You are evaluating a growing perpetuity investment from a large financial services firm. The investment promises an initial payment of $19,900 at the end of this year and subsequent payments that will grow at a rate of 3.4 percent annually. If you use a 9 percent discount rate for investments like this, what is the present value of this growing perpetuity? (Round answer to 2 decimal places, e.g. 15.25.)

Present value