You have just sold a cemetery plot. As part of the sale, you have agreed to maintain the grass and flowers in perpetuity. You expect maintenance costs to be $62 due at the end of each year, forever. If you apply a discount rate of 4% per year, how much money do you have to set aside today to cover these maintenance costs, i.e. what is the present value of these costs? (Round your answer to two decimal places.)

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