Bruce is considering the purchase of a restaurant named Hard Rock Hollywood. T

Bruce is considering the purchase of a restaurant named Hard Rock Hollywood. The restaurant is listed for sale at $1190000. With the help of
his accountant Bruce projects the net cash flows (cash inflows less cash outflows) from the restaurant to be the following amounts over the
next 12 years:

Bruce expects to sell the restaurant after 12 years for an estimated $1290000.

Bruce wants to make at least 7% annually on his investment. Calculate the total present value of the net cash flows. (Assume
all cash flows occur at the end of each year.)

Total present value=?