As a result of a slowdown in operations, Tradewind Stores is offering employees who have been terminated a severance package of $108,000 cash paid today; $108,000 to be paid in one year; and an annuity of $34,000 to be paid each year for 7 years. Required: What is the present value of the package assuming an interest rate of 9 percent? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. Round the final answer to nearest whole dollar