Answer:
$22,419,192.19
Explanation:
i used an excel spreadsheet to calculate the future payments and their present value. If the payments increase by $450,000 each year, the second payment will equal $1.9 million, not $1.7 million.
year payment
0 $1,000,000
1 $1,450,000
2 $1,900,000
3 $2,350,000
4 $2,800,000
5 $3,250,000
6 $3,700,000
7 $4,150,000
8 $4,600,000
9 $5,050,000
10 $5,500,000
present value = $22,419,192.19
