An investment promises to pay $9,000 at the end of each year for the next 5 years, $12,000 at the end of each year for years 6 through 15, and $5,000 at the end of each year for years 16 through 35. If you require a 8% annual rate of return on this investment, what is the present value of these cash flows at a 8% annual rate of return? Show time value of money equation and work.