Joel decides to invest for his retirement. Joel is risk averse, and decides to purchase a financial product that guarantees $1,000,000 when he retires in 30 years. To receive this $1,000,000, he must pay $20,000 every year until he retires. His friend, Arthur, hears about this and realizes that Joel might be making a mistake. Arthur knows that the current risk-free rate is 4%, and that the payments Joel is making might be too much. Assuming the risk-free rate is the correct discount rate, is Joel paying too much for $1,000,000 in 30 years?