As a result of a slowdown in operations, Mercantile Stores is offering to employees who have been terminated a severance package

of $$300,000$ cash, another $$300,000$ to be paid in one year, and an annuity of $$50,000$ to be paid each year for $20$ years. Use present

value tables to compute the present value of the complete package, assuming an interest rate of $10$ percent. $($Future Value of $$1,$

Present Value of $$1,$ Future Value Annuity of $$1,$ Present Value Annuity of $$1)($Use appropriate factor$($s$)$ from the tables provided.

Round "Present Value" to nearest whole dollar amount.$)$

Answer is complete but not entirely correct.