Harte systems , INc . a maker of eloctronic surveillance equipment , is considering selling the rights to market its home security system ti a well known hardware chain. The proposed deal calls for the hard ware chain to pay Harte RM30,000 and RM25,000 at the end of years 1 and 2 and to make annual year-end payments of RM15,000 in year 3 to year 9. The final payment to Harte of RM10,000 would be due at the end of year 10. IF the required rate of return is 12%, What is the present value of this series of payments ?