Wally, president of Wally's Burgers, is considering franchising. He has a potential function agreement that would allow him to receive 16 end-of-year payments starting one year from now. The first two payments would be $26,000 and 524,000 in one and two years respectively, and then $16,000 per year after that for 14 years. If Wally requires a return of 8.8%. What is the present value of this stream of each ? What is the present-value of this stream of cash flows