Your client just purchased an investment that generates the following cash flows for the next four years. He are able to reinvest these cash flows at 4.7 percent, compounded annually.

End of year 1. $3,985 2. $3,999 3. $1,449 4. $2,661

What is the present value of this investment if 4.7 percent per year is the appropriate after-tax rate of return?

Round the answer to two decimal places.