In the following case, the mixed end-of-period cash flow stream has an annuity embedded within it. Calculate the present value of the cash flow stream, assuming a 7% discount rate.

Year Cash Flow

1 $7,000

2 $8,000

3 $2,000

4 $2, 000

5 $2,000

6 $2,000

7 $6,000

Present Value ($)equals ________

What is the present value of this stream of cash flows? _______ (Round to the nearest cent.)