Elden is looking at a piece of property for investment purposes. If he would have to spend $1,000 on the day of purchase and he anticipates that he will spend $30,000 on the property in year 1, but he will earn $10,000 in year 2 and again in year 3 and will sell the property for $50,000 in year 4, how much should he pay for the property if he can earn 8% on his money.