James has been offered a 5-year assignment in Costa Rica. Hence, he will rent out his mansion to an old friend. Rental income will be 11,184 dollars per year but maintenance/repair costs will be 1,587 dollars in the first year and thereafter increase by 588 dollars per year. The tenant will be doing the maintenance/repair operations and therefore, at the end of each year, deposits the annual rent amount net of maintenance costs. Find the PRESENT value of James future cash flows given that the proxy interest rate is 5% per year compounded annually.