A real estate investment has the following expected cash flows:

Year. Cash Flows. 1. $14,000 2. 18,000 3. 25,000 4. 32,000

The discount rate is 3 percent. What is the investment's present value? Round your answer to 2 decimal places; for examplr 2345.25

What is the present value of a 8-year ordinary annuity payments of $514, evaluated at a 13 percent interest rate? Round your answer to 2 decimal places; for example 2345.25