Roger, aged 25, earns 20,000 per year. His annual retirement benefit, beginning at age 65, is 60% of his final year's salary.

This benefit is paid monthly, with the first payment on the date of retirement. It is assumed that Roger survives and stays with this firm until retirement. If Roger's salary increases at 4% per year and / = .07, find the present value of future retirement benefits given cr^^ = 8.