Wally, president of Wally's Burgers, is considering franchising. He has a potential franchise agreement that would see him receive 13 end-of-year payments starting one year from now. The first two payments would be $25,000 and $21,000 in one and two years respectively, and then $18,000 per year after that for 11 years. If Wally requires a return of 8%, what is the present value of this stream of cash flows? $ 151289