John is one of the investors in a partnership that invests in RV rentals. This partnership share is Johns only asset and he plans to reinvest all proceeds from this investment in his savings account. The partnership will start making cash distributions to investors in one year. John expects to receive $10,000 one year from now (at t=1), $15,000 two years from now (at t=2) and $25,000 three years from now (at t=3). After the third year the payments will grow at 3% per year for the foreseeable future (i.e., to infinity, where the payment at t=4 is $25,0001.03, ). What is Johns net worth at the end of year 3 (at t=3) if the interest rate is 8% (EAR)? Note: Since John has no debt, his net worth is the money of his savings account at the end of year 3 plus the present value of the future cash flows he expects to receive from the partnership.