Assume that you have $40,000 in the bank that you are going to receive $500 three times a year until the day of your retirement (20 years from now). You also need to pay $600 every year for CD more years (Student loans). You know from your retirement that you will receive deposits of $3,000 annually for 20 years after you retire. What is the present value of all of these cash flows if the annual interest rate is 3%?