1.

Sea Masters Co. has identified an investment project with the following cash flows for the next 5 years. If the discount rate is 11.6 percent, the present value of these cash flows is $__________. Round it to two decimal places without the $ sign, e.g., 23456.34

Year Cash Flows 1 $21,000 2 35,000 3 54,000 4 47,000 5 87,000

= __________