Mike would like to retire at age 60 and quit working. Mike met the requirements for the MLB minimum pension of $34,000 per year, which is what he expects to receive. The pension begins at age 62 and the amount is fixed for life (both his and his spouse's life)

Mike is 44 years old, as well as Maria(wife).

*Inflation is expected to be 3.0% annually.

How much is Mike's pension worth is today's dollars?