Some of the following future cash flows have been expressed in then-current (future) dollars and others in CV dollars. Use an interest rate of 12% per year and an inflation rate of 3% per year. Find the present worth with all cash flows expressed in future dollars.

Year	Cash flow, $	Expressed as
0	15,700	CV
3	36,500	Then-current
4	11,700	Then-current
7	25,700	CV

The present worth with all cash flows expressed in future dollars is $