Wally, president of Wally's Burgers, is considering franchising. He has a potential franchise agreement that would allow him to receive 16

end-of-year payments starting one year from now. The first two payments would be $27,000

and $24,000 in one and two years respectively, and then

$19,000 per year after that for

14 years. If Wally requires a return of

9.9%, what is the present value of this stream of cash flows?