You are offered an investment that will pay you $1000, $1200, $1500, $1700, $2000, $2500, $3000, and $3500 over the next eight years (one cash payment per year). You require a 6% return on your investment. What is the most you would invest today? (In other words, what is the present value of this cash flow stream?) Round to the nearest cent.

Please show all steps and where each number came from. Thank you!