Assume a cash grain farm has grain storage bins that produce an income stream separate from the land. Currently the land owner has a five-year lease contract with a tenant that yield $3,000 per year for use of the bins. Assume further that the grain bins will have a salvage (present market value) value of $7,000 at the end of the five years. Using an annual discount rate of 8%, what is the present value of the flow of income from the lease payments and salvage value of the grain storage?