After 30 years with your company, you are planning to retire next week. Your company offers you the choice of taking a one-time payment of $500,000 instead of taking the annual pension payments. Assuming you would receive $30,000 per year and plan to live for another 35 years, what would be the value of the one-time payment if the discount rate is 3%? Write out the formula and step by step how to get answer.