Present value. The State of Confusion wants to change the current retirement policy for state employees. To do$$ so$,$ however, the state must pay the current pension fund members the present value of their promised future payments. There are $210$ comma $000$ current employees in the state pension fund. The average employee is $12$ years away from$$ retirement, and the average promised future retirement benefit is $$$$380$ comma $000$ per employee. If the state has a discount rate of $3\%$ on all its$$ funds, how much money will the state have to pay to the employees before it can start a new pension$$ plan?

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Part $1$

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

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enter your response here$($Round to the nearest$$ dollar.$)$