A firm's selected information is as follows:

2020 2021

Sales $14 000 $15 200

Cost of Goods Sold 10 100 11 150

Gross Profit $ 3 900 $ 4 050

Operating Expenses 1 700 1 800

Operating Income 2 200 2 250

Interest Expense 300 300

Earnings before taxes 1 900 1 950

Less: Taxes 380 390

Earnings after taxes $ 1 520 $ 1 560

Total Assets (beginning-of-the-year) $ 20 000 $23 560

Equity (beginning of the year) 12 000 13 520

Debt (beginning of the year) 5 000 6 000

Number of shares 1 000 1 000

Earnings Per Share (EPS) $ 1.52 $ 1.56

Dividend Per Share (DPS) 20 25

Shareholders' required rate of return 10.0% 10.00%

What is the value of the firm at the beginning of 2020 under the Residual Earnings (RE) model if the RE of 2021 is expected to grow at a constant rate of 4% for an indefinite period? Use up to 4 decimal points, please.