GB, headquartered in Mexico City, is one of the largest bakery companies in the world. On January 1st, when the spot exchange rate is Ps11.39/$, the company borrows $24172329 from a New York bank for one year at 5.9 % interest. During that year, U.S. inflation is 2 % and Mexican inflation is 4 % . At the end of the year the firm repays the dollar loan. If GB expected the spot rate at the end of one year to be equal to purchasing power parity, how many pesos GB would need to repay its dollar loan? Round to the nearest peso.