An investment, which has an expected return of 19.62 percent, is expected to make annual cash flows forever. The first annual cash flow is expected in 1 year and all subsequent annual cash flows are expected to grow at a constant rate of 3.69 percent per year. The cash flow in 1 year from today is expected to be 16,390 dollars. What is the present value (as of today) of the cash flow that is expected to be made in 8 years?