Your client was recently terminated from his position as Director of the Federal Bureau of Investigation. Under the terms of his severance agreement, he will receive a severance package consisting of a payment today of $1,500,000, and then monthly payments of $30,000 each for 5 years (60 total monthly payments), with the first of the monthly payments occurring six months from today. If you use a discount rate of 4.8% APR with monthly compounding,what is the present value (i.e., value as of today) of the settlement including the payment today and the annuity payments?