Sara & Fred (S&F) are evaluating the purchase of a deferred annuity contract as a part of their retirement planning. The annuity contract would pay $49 thousand per year for 23 years, with the first payment in 10 years (i.e., first payment at the end of 10 years). What is the most that S&F should pay for the annuity contract today? S&F's required rate of return is 5.6% per annum.