Actuarial Science: Joe wants to join a club. The initial membership fee is 5000, due immediately to become a member. Also, there's an annual fee of 250 at the end of each year, every year, in order to remain a memeber. After 20 years of being a member, Joe is able to retire from the club and receives an annual pension, immediately, of 300 at the beginning of each year for every year until his death. What is the present value at the time of retirement, assuming a discount rate of 5%.