Your mother wants to encourage you to complete college, so she promises you the following cash flows, to be paid at the end of each year after you graduate: Year Cash Flow 1 $ 870 2 950 3 0 4 1,540 What is the present value of the cash flows upon graduation? Assume that the appropriate discount rate is 8 percent annually with quarterly compounding. (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Present value $