Wally, president ofWally's Burgers, is considering franchising. He has a potential franchise agreement that would allow him to receive 14 end-of-year payments starting one year from now. The first two payments would be $26,000 and $24,000 in one and two yearsrespectively, and then $16,000 per year after that for 12 years. If Wally requires a return of 9.1%, what is the present value of this stream of cashflows?