please explain this question

10 po QUESTION 8 Assume that you currently have $61,048 in the bank. That you are going to receive $512 four times a year until the day of your retirement (30 years from now). That you need to pay $1,208 every year for 45 more years. What is the present value of all these cash flows if the interest rate is 6.55%. NOTE: Submit your answers with 4 decimals after the dot. HINT: Calculath ALL THE PRESENT VALUES and add them together