A representative of the reputable financial services company has approached you as a manager of a four person group of anesthesiologist with an opportunity to purchase a 10-year annuity due for each member of the group. The annuity due would pay $40,000 each year beginning 5 years from now (i.e., at time =5). What is the most you would be willing to pay now, per each physician, for this investment? Assume an appropriate discount of 7%.