Assume that the Canada Pension Plan promises you $60,000 per year starting when you retire 45 years from today (the first $60,000 will come 45 years from now). If your discount rate is 8%, compounded annually, and you plan to live for 15 years after retiring (so that you will get a total of 16 payments, including the first one), what is the value today of Canada Pension Plan's promise? The value today of the Canada Pension Plan's promise is (Round to the nearest dollar.)