Your company has decided to endow a scholarship for one Whitman student per year. The endowment will provide funding to students in the form of annual payments in perpetuity. The first scholarship will be awarded next year in the amount of $51,000. Thereafter, scholarships will grow by a rate of 2% per year. If the appropriate discount rate is 5% per year, how much money should you donate to fund the endowment today, i.e. what is the present value of these scholarships? (Round your answer to two decimal places.)