As a result of a slowdown in operations, Global Stores is offering employees who have been terminated a severance package of $122,000 cash, another $119,000 to be paid in one year, and an annuity of $25,500 to be paid each year for nine years beginning in one year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

What is the present value of the package, assuming an interest rate of 10 percent?