Today is January 1st and you have just won Publisher Clearinghouse's grand prize of four perpetuities. The first perpetuity will pay you $2,000 every year on April 1st, with the first payment occurring exactly three months from today. The second perpetuity will pay you $3,000 every year on July 1st, with the first payment occurring exactly six months from today. The third perpetuity will pay you $4,000 every year on October 1st, with the first payment occurring exactly nine months from today. The fourth perpetuity will pay you $5,000 every year on January 1st, with the first payment occurring exactly twelve months from today. If you can borrow and lend at an APR of 12% compounded quarterly, what is the time t=0 present value of this grand prize?

The time t=0 present value of the grand prize is: