Your parents have promised to reward you with a cash payment by the time you become an actuary. They will pay you $80,000 if you become an actuary within the next 6 years, or $30,000 if you become an actuary in 6 or more years. You estimate that there is a 20% probability that you will become an actuary in exactly 5 years, a 30% probability that you will become an actuary in exactly 7 years, and a 25% probability that you will not become an actuary at all. Calculate the expected present value of the payment from your parents (to two decimal places), assuming an interest rate of 4% per annum.