Del Monty will receive the following payments at the end of the next three years: $8,000, $11,000, and $13,000. Then from the end of the fourth year through the end of the tenth year, he will receive an annuity of $14,000 per year.

At a discount rate of 12 percent, what is the present value of these future benefits? (Use a Financial calculator to arrive at the answer. Round the final answer to the nearest whole dollar.)