Global Stores is downsizing and must let some employees go. Employees volunteering to leave are being offered a severance package of $122,500 cash, another $133,500 to be paid in one year, and an annuity of $32,000 to be paid each year for six years with the first payment coming at the end of this year. (FV of $1, PV of $1, FVA of $1, and PVA of $1). What is the present value of the total severance package, assuming an annual interest rate of 7%?