You have been offered a job with an unusual bonus structure. As long as you stay with the firm, you will get an extra $$70,000$ every $7$ years, starting $7$ years from now.

What is the present value of this incentive if you plan to work for the company for $42$ years and the interest rate is $5\%($EAR$)?($Note: Be careful not to round any

intermediate steps less than six decimal places.$)$

The present value of this incentive is $

$($Round to the nearest cent.$)$