$1.$ Suppose that an oil well is expected to produce $100,000$ barrels of oil during its first production year. However, its subsequent production $($yield$)$ is expected to decrease by $10\%$ over the previous year$$s production. The oil well has a proven reserve of $1,000,000$ barrels. Suppose that the price of oil is expected to be $$30$ per barrel for the next several years. What would be the present worth of the anticipated revenue stream at an interest rate of $12\%$ compounded annually over the next seven years?