$14$ points

You RECEIVE $$1500$ at the end of each year for $20$ years starting at the end of year $1$ and ending at the end of year $20$ EXCEPT for years $9,10,$ and $11$ where you will MAKE payments of $$1200$ at the,end of those years. If the interest rate is $12\%$ annually, what is the Present Value of these cash flows?

$P=$$ $(in$ format $12345\mathrm{.}67)$