John Smith is nearing retirement. He wants to purchase an annuity that will pay him $125,000 each year (with the first payment starting 1 year from...

John Smith is nearing retirement. He wants to purchase an annuity that will pay him $125,000 each year (with the first payment starting 1 year from now) for the next 30 years. The discount rate is 8%. How much money does he need to purchase this annuity today (assuming no commissions or extra fees by the company selling it to him)? Round to the nearest dollar.