A company is about to invest in a joint venture research and development project with another company. The project is expected to last eight years, but yearly payments die company makes will begin immediately (i.e., a payment is made today, and the last payment is eight years from today). Salaries will account for $40 000 of each payment. The remainder of each payment will cover equipment costs and facility overhead. The initial (immediate) equipment and facility cost is $26 000. Each subsequent year the figure will drop by $3000 until a cost of $14 000 is reached, after which the costs will remain constant until the end of the project. At an interest rate of 7%, what is die total future worth of all project payments at the end of die eight years