Del Monty will receive the following payments at the end of the next three years: $14,000, $17,000, and $19,000. Then from the end of the 4th year through the end of the 10th year, he will receive an annuity of $20,000 per year.

At a discount rate of 10 percent, what is the present value of all three future benefits? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.