Carol Garcia wants to open a restaurant in a historic building. The property can be leased for $20$ years but not purchased. She believes

her restaurant can generate a net cash flow of $$69,000$ the first year and expects an annual growth rate of $6$ percent thereafter. If a

discount rate of $16$ percent is used to evaluate this business, what is the present value of the cash flows that it will generate? $($Round

factor values to $5$ decimal places, e$.$g$.1\mathrm{.}52145$ and final answer to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

Present value

$