Your parents have promised to reward you with a cash payment at the time you become an actuary. They will pay you $100,000 if you become an actuary within the next 7 years, or $50,000 if you become an actuary in 7 years or greater. You estimate that there is a 30% probability that you will become an actuary in exactly 6 years, a 40% probability that you will become an actuary in exactly 8 years, and a 30% probability that you will not become an actuary at all.

Calculate the expected present value of the payment from your parents (to 2 decimal places), assuming an interest rate of 3% per annum.