For the construction of the civic center, an initial cost of $ 95,000 is estimated. A coverage arrangement is calculated every three years at a cost of $ 4800. Annual operating costs are estimated at $ 1,400 per year. It is expected to receive income of $ 15,000 the first year with an increase of $ 5,000 per year for 6 years and thereafter the income is considered constant. If the company has a cost of capital rate of 2% per year, capitalized quarterly. A permanent life of the civic center is estimated. What is the present value of the project?