Suppose that you are considering the present value of 3 year investment project at work. The net cash flow of your 3 year project is as follows. In the first year, you will need to pay an upfront cost of $20,000 but will receive $5,000 at the end of year 1, $8,000 at the end of year 2, and $15,000 at the end of year 3. What is the present value of this operation. (Assume a 15% rate of return (discount rate). You can also assume annual compounding and use two decimal places in your answer.