The owner of a patent is negotiating a contract with a corporation that will give the corporation the right to use the patent. The corporation will pay the patent owner $3,000 a year at the end of each of the next five years, $5,000 at the end of each year for the next eight years, and $6,000 at the end of each year for the final three years of the 16-year life of the patent. If the owner of this patent wants a lump sum settlement three years from now in lieu of all 16 payments, at what price would he receive equivalent value if his minimum rate of return is 8% before income taxes?