Question: Saul Cervantes has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $10,610, $8,330, $9,090, $12,150, and $11,130. If the appropriate discount rate is 7.625 percent, what is the cost in today's dollars of the equipment Saul purchased today? (Round answer to 2 decimal places, e.g. 15.25.)