PV and a lawsuit settlement It is now December 31, 2013 (t = 0), and a jury just found in favor of a woman who sued the

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PV and a lawsuit settlement
It is now December 31, 2013 (t = 0), and a jury just
found in favor of a woman who sued the city for injuries sustained
in a January 2012 accident. She requested recovery of lost wages
plus $450,000 for pain and suffering plus $90,000 for legal
expenses. Her doctor testified that she has been unable to work
since the accident and that she will not be able to work in the
future. She is now 62, and the jury decided that she would have
worked for another 3 years. She was scheduled to have earned
$43,000 in 2012. (To simplify this Problem, assume that the entire
annual salary amount would have been received on December 31,
2012.) Her employer testified that she probably would have received
raises of 3% per year. The actual payment for the jury award will
be made today, December 31, 2013. The judge stipulated that all
dollar amounts are to be adjusted to a present value basis, using a
8% annual interest rate using compound, not simple, interest. How
large a check must the city write today? Round your answer to the
nearest cent.