You are evaluating a growing perpetuity investment from a large financial services firm. The investment promises an initial payment of $15,200 at the end of this year and subsequent payments that will grow at a rate of 3.7 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?