You are evaluating a growing perpetuity investment from a large financial services firm. The investment promises an initial payment of $$24,700$ at the end of this year and subsequent payments that will grow at a rate of $2\mathrm{.}6$ percent annually. If you use a $9$ percent discount rate for investments like this, what is the present value of this growing perpetuity? $($Round answer to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

Present value

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