Unilever has recently lay off several people from the company, Ricardo is one of them. Under the terms of his severance agreement, he will receive a severance package consisting of a payment today of $1,150,000, and then monthly payments of $21,000 each for 4 years (48 total monthly payments),with the first of the monthly payments occurring precisely three years from today. If you use a discount rate of 2.64% APR with monthly compounding, what is the present value (i.e., value as of today) of

the settlement?