Emerson developed a new style of camping trailer. He is considering a licensing agreement with Easy-Tow, who will manufacture the new trailer. They are proposing to pay him $48,000 now, and $16,000 at the beginning of each of the five years of the licensing agreement, starting in one year. If interest is 4.95% compounded quarterly, what is the agreement worth today? The agreement is worth $ today. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)