Susan just graduated, and she plan to work for 10 years and then to leave for the Europe. She figures that she can save $1,000 a year for the first 5 years and $2,000 a year for the next 5 years. These savings cash flows will start one year from now. In addition, her family has just given a $5,000 graduation gift. The market interest rate is 8 percent compounded annually. What is the present value of this cash flow?