Linuss company offers a defined benefit pension. On a benefits summary statement he received from his company, based on a reasonable projection of his earnings into the future, he could expect to receive an annual pension of $43,560, assuming he does not leave his job until he retires 20 years from now.

Linus realizes, though, that with inflation $43,560 is not as large a benefit as it seems. If inflation runs at 3.5% for the next 20 years, what is $43,560 worth in todays dollars?