Phil Emley owns a garage and is contemplating purchasing a tire retreading machine for $35,000. After estimating costs and revenues, Phil projects a net cash flow from the retreading machine of $5,000 annually for 11 years. Phil hopes to earn a return of 9 % on such investments.
What is the present value of the retreading operation? (Round answer to 2 decimal places, e.g. 25.25.)