PVT Limited estimated that the future cash outflows relating to settling an obligation would be as follows:

At the end of year 1 $20 000

At the end of year 2 $20 000

At the end of year 3 $20 000.

At the end of year 4 $60 000.

A government rate for bonds with similar terms is 11%.

Required

Calculate the present value of the total expected future cash outflow