Wally, president of Wally's Burgers, is considering franchising. He has a potential franchise agreement that would allow him to receive 11 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 $18,000 per year after that for 9 years. If Wally requires a return of 8.8%, what is the present value of this stream of cash flows? What is the present value of this stream of cash flows?

(Round to the nearest cent.)