The owner of a patent has a contract with a cooperation that gives it right to use the patent. The cooperation will pay the patent owner $2500 yearly for the next 5 years, $3000 for the next 8 years, $4000 for the next 4 years from now if given $1000 now. What price would he receive at the end of 4 years to equivalent to the installment arrangement if interest rate is 7%