Binrui is thinking of purchasing a small real estate project. The listing price (asking price) is $300,000. Binruis best estimate of the after tax cash flows is $30,000 in each year 1-5 and $36,000 in each year 6-10. In addition, he plans to sell the property at the end of 10 years for $264,000 after tax. If Binrui requires a 16 rate of return on his real estate investments, what is this project worth (present value) to him in todays dollars?