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Problem 3 (14 points) Dr. Joe Schmo is a finance professor at a small Southern liberal arts university. A student who has performed poorly in he introductory finance class has offered to pay Dr. Schmo for a better grade. Dr. Schmo presented the student with this agreement to sell a setter grade: Sinee he would be fired from his position, he would lose his salary and benefits. His salary is $65,000 per year, paid in equal aayments at the end of the each month. His salary is expected to keep pace with inflation. You may assume the monthly salary payments nerease at the inflation rate. His benefits amount to $25,000 per year, and the benefit payments occur at the beginning of each year. The oenefits will also increase at the rate of inflation. He expects to work for another 25 years. Assume the required return is 6.4 percent nominal ate and the inflation rate is 3.5 pereent. All rates are effective annual rates. Dr. Schmo will sell the student a better grade if the student pays he present value of the future lost salary and benefits. How much will the student have to pay for a better grade