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Mateo has received a job offer from a large investment bank as a clerk to an associate banker. His base salary will be $ 5

Mateo has received a job offer from a large investment bank as a clerk to an associate banker. His base salary will be $58,000. He will receive his first annual salary payment one year from the day he begins to work. In addition, he will get an immediate $10,000 bonus for joining the company. His salary will grow at 3.8 percent each year. Each year he will receive a bonus equal to 10 percent of his salary. He is expected to work for 25 years. What is the present value of the offer if the discount rate is 9 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
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