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Wally, president of​ Wally's Burgers, is considering franchising. He has a potential franchise agreement that would...

Wally, president of​ Wally's Burgers, is considering franchising. He has a potential franchise agreement that would allow him to receive 12 ​end-of-year payments starting one year from now. The first two payments would be ​$26,000 and $24,000 in one and two years​ respectively, and then ​$20,000 per year after that for 10 years. If Wally requires a return of 10.6%​, what is the present value of this stream of cash​ flows?

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