Question: Scent Systems, Inc is start-up company developing a system to deliver fragrances to buildings. The technology will allow for delivery of customized fragrances directly through

Scent Systems, Inc is start-up company developing a system to deliver fragrances to buildings. The technology will allow for delivery of customized fragrances directly through a building's HVAC systems. Occupants of a room can customize and manage the scent of their room via their smartphone. The technology will be available soon and the company expects the first annual cash flow of $5200 to begin 3 years from today. Cash flows are expected to increase at a rate of 3.80% annually forever. Using a discount rate of 8.70%, what is the present value of the technology? (Enter your answer as a number with at least two decimal places. Do not include dollar signs or commas. )

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