ABC Company sold the rights to use one of their patented processes that will result in them receiving cash payments of $8,000 at the end of each of the next five years, a lump sum payment of $15,000 cash at the end of the sixth year, and a $10,000 lump sum payment at the end of the seventh year. Calculate the total present value of these payments assuming the interest rate is 5% compounded annually. Use the time value of money factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 10. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these table factors to answer this question.