What is the market value for an investment that has a PGI of $45,000, a vacancy and collection loss of 5%, fixed expenses of 24% of the EGI, and variable expenses of 13% of the EGI? The reserves for capital replacements are annualized at $5,000 per year, level. The PGI is projected to increase at a rate of 2% per year, which means the expenses will increase by a similar amount. The overall discount rate is 9.5%. The holding period is five years, and the reversion is calculated at a 12% terminal capitalization rate with 5% sales expenses for the reversion. Round you answer to the nearest $10,000.

OK TO USE FINANCIAL CALCULATOR, BUT SHOW STEPS. Thank you.