the 14.7 is the atmospheric pressure at sea level. at 5000 ft elevation, instead of 14.7, you would use 12.2... I see you're probably pretty close to sea level though, no?
Let's try to go backwards...
530 / 14.7 = 36:1 compression, yowsa!
You wouldn't add the 530 + 543, that 543 includes...