Nurse Corporation is offering their employees a severance package as a result of operational slowdowns due to COVID-19. Employees who have been terminated will receive a severance package of $50,000 cash, another $100,000 to be paid in one years time, and an annuity of $35,000 to be paid at the end of each year for seven years.

Assuming a 6% rate of interest, what is the present value of the severance package? (Show your calculations)