Present value. The State of Confusion wants to change the current retirement policy for state employees. To do so$,$ however, the state must pay the current pension fund member:

the present value of their promised future payments. There are $210,000$ current employees in the state pension fund. The average employee is $16$ years away from retirement, and

the average promised future retirement benefit is $$350,000$ per employee. If the state has a discount rate of $6\mathrm{.}5\%$ on all its funds, how much money will the state have to pay to the

employees before it can start a new pension plan?

How much money will the state have to pay to the employees before it can start a new pension plan?

$($Round to the nearest dollar.$)$