Computing Present Value of a Deferred Annuity

J$.$ Johnson receives a defined retirement benefit, which commences in $15$ years. At that

time, Johnson is to receive monthly cash payments of $$4,500$ for $10$ years with the first

payment scheduled for the end of the initial month of benefit. Assume an interest rate of

$9\%.$

Required

What is the value of the deferred annuity as of today? Assume annual compounding

during the deferral period.

Round your answer to the nearest whole number.

Do not use a negative sign with your answer.