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In March, your client was terminated from his position as Deputy Director of the Federal Bureau...

In March, your client was terminated from his position as Deputy 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 $1,150,000, 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?

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