As a result of a slowdown in operations, Mercantile Stores is offering to employees who have been terminated a severance package of $270,000 cash, another $270,000 to be paid in one year, and an annuity of $47,000 to be paid each year for 10 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 $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.) Table values based on i= n = Cash Payment 270.000 Present value of $270,000 face value Present value of $47,000 annuity Total 7% 7% 1 10 $