A relative, who just turned 60, is looking at purchasing an investment product which promises to pay $42,000 next year (on his 61st birthday) and will pay an amount that grows by 4% each year until his 80th birthday (a total of 20 payments). The appropriate interest rate is 8%. He has asked you for your advice on what price he should be willing to pay for this investment product. How much is the investment product worth today?