Joe Masters has received a job offer from a large wine retailer. His base salary will be $45,000. He will receive his first annual salary payment one year from the day he begins work. He will also get an immediate $15,000 bonus for joining the company. His salary will grow at 3.5 percent each year. Each year he will also receive a bonus equal to 10 percent of his salary. Mr. Masters is expected to work for 25 years. What is the present value of the offer if the discount rate is 12 percent?