Review Problem #$7$:

A group of lawyers has requested your assistance calculating the value of money owed to one of their clients via lawsuit. They are struggling to form an estimate given that the lawsuit is over an event that occurred $2$ years ago. Their client was illegally fired from their job that paid $$30,000$ a year. The company that is being sued has historically offered a $3\%$ inflation raise each year. The lawyers are using the average historical stock market return, say $9\%$ a year, as a benchmark discount rate.

Assume the salary would have been paid at the beginning of each year for simplicity. The employee is suing for the wages lost in the past $2$ years $($two years of pay$).$ Calculate the value the employee should be paid now.