A chemical company calculated the need for a chemical additive that will improve their product by 20%. The company's CEO arranged to purchase preservative through a five-year contract at the $7,000 per year, starting one year from now. He expects the annual price to increase by the 12% per year starting in sixth year and thereafter through year 13. Additionally an initial investment of the $35,000 was made now to prepare a site suitable for the contractor to deliver the preservative. Use i=15% per year to calculate the equivalent total present worth for all these cash flows.