Bruce is considering the purchase of a restaurant named Hard Rock Hollywood. The restaurant is listed for sale at $1,190,000. With the help of his accountant, Bruce projects the net cash flows (cash inflows less cash outflows) from the restaurant to be the following amounts over the next 12 years:

Years	Amount
1-8	$ 69,000	(each year)
9	80,000
10	91,000
11	102,000
12	113,000

Bruce expects to sell the restaurant after 12 years for an estimated $1,290,000.

Required:

Bruce wants to make at least 7% annually on his investment. Calculate the total present value of the net cash flows. (Assume all cash flows occur at the end of each year.)

Total present value=?