Your client wishes to know the value of an asset before he invests in it. He understands that the expected cash flows from the asset are $10,000 at the end of the first year, $15000 at the end of the second year and $20,000 at the end of the third year. You advise him to use the capital asset pricing model. The beta of the asset is 1.5. Expected return on the market is 12%. The risk-free rate is 2%. 

What is the value of the asset?