Harte Systems, Inc., a maker of electronic survillance equipment, is considering selling the rights to market its home security system to a well-known hardware chain. The proposed deal calls for the hardware chain to pay Harte $26,000 and $21, 000 at the end of years 1 and 2 and to make annual year-end payments of $12, 000 in years 3 through 9. A final payment to Harte of $25,000 would be due at the end of year 10.

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If Harte applies a required rate of return of 9% to them, what is the present value of this series of payments?

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