A wealthy relative has offered to finance their neice's veterinary education and practice set up through 19 end-of-year payments starting one year from now. The first two payments would be $25,000 and $23,000 in one and two years respectively, and then $16,000 per year after that for 17 years. If the investment requires a return of 9.6%, what is the present value of this stream of cash flows?