Serrano corporation has the following pension benefit for its retired employees. It pays annual payments equal to 35% of an employees last salary at the time of retirement, adjusting them upward according to the rate of inflation. Serrano has an employee who has just retired with an annual salary of $32,000. Serrano expects to make 16 annual payments and expects the inflation rate to be 3.5% during this period. The cost of capital to the company is 12%. Serrano will make the first payment today. If the retired employee wanted a single payment today, how much would Serrano pay that employee?