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 8% discount rate.

Year Cash Flow

1 $4 000

2 $9 000

3 $6000

4 $6 000

5 $6 000

6 $6 000

7 $5000

Present Value ($)equals =

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