Determine the present value of an ordinary annuity of $1000 per year for 10 years, assuming it earns 10% annual interest. Assume the first cash flow from the annuity comes at the end of year 8 and the final payment at the end of year 17; that is, no payments are made on the annuity at the end of years 1 to 7. Instead, annual payments are made at the end of years 8 to 17.