As a result of a slowdown in operations, Mercantile Stores is offering to employees who have been terminated a severance package of $220,000 cash, another $220,000 to be paid in one year, and an annuity of $42,000 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 7 percent. (Future Value of $1. Present Value of S1. Future Volue Annuity of S1. Present Value Annulty of \$1) (Use appropriate factor(s) from the tables provided. Round "Present Value" to nearest whole dollar amount.)