A businessman is considering an investment which requires an initial outlay of K$60,000$ and a further outlay of K$25,000$ in eight month$$s time. Starting two years after the initial outlay, it is estimated that income will be received continuously for four years at a rate of K$5,000$ per annum, increasing to K$9,000$ per annum for the next four years, then increasing to $13,000$ per annum for the following four years and so on$,$ increasing by K$4,000$ per annum every four years until the payment stream stops after income has been received for $20$ years $($i$.$e$.22$ years after the initial outlay$).$ At the point when the income ceases, the investment can be sold for K$50,000.$ Calculate the present value of the project at a rate of interest of $8\%$ per annum effective.