A company uses a MARR of 12%. The forecast of expenses for the next year (year 1), in then-current thousands of US$, and inflation rate are: Raw materials: 10,000, and expected Inflation of 4% per year in the following 5 years. Rent: 120, and expected Inflation of 3% per year in the following 5 years. Utilities: 6000 and expected inflation of 2% per year in the following 5 years, What is the present value (today) of the cash flow of expenses of those 5 years? (no commas, no decimals, no sign)