14. A rich donor will give a hospital $1.5 million in exactly 2 years from today. Each year after that, she will donate to the hospital an amount 3% larger than the previous donation, with her last donation occurring in ten years (year 10). What is the present value of this donation today (time 0) given that the interest rate is 11%?

(a) $9.19 (b) $8.28 (c) $6.85 (d) $9.88