Calculate the present value of the operating cash flows if the revenue of a project grows at 5 percent, while expense grows at 4 percent, given that Revenue1 = $15,000 and Expense1 = $7,000. Assume the firm is all-equity financed; RF = 8%; project beta = 0.8; the market risk premium = 5.5%; and T = 40%. The project is expected to last for eight years.