Jack and Jill have a four-year consulting contract with an insurance company that guarantees them $20,000 in actual dollars per year, and S 20,000 in real dollars per year for the four-year contract. They estimate inflation to be 4% for the first year, 6% for the next two years and 9% for the last year of the contract. Their real MARR is 10%. What is the present worth of this contract