Tom Adams has received a job offer from a large investment bank as a clerk to an associate banker. His base salary will be $47,000. He will receive his first annual salary payment one year from the day he begins to work. In addition, he will get an immediate $11,000 bonus for joining the company. His salary will grow at 3.10 percent each year. Each year he will receive a bonus equal to 14 percent of his salary. Mr. Adams is expected to work for 25 years. What is the present value of the offer if the discount rate is 9 percent?