7. Charlie, who is just 16 years old, won a lottery. However, the lottery does not pay out any money until a person is at least age 25. Charlie hires a financial consultant and this consultant suggests that Charlie invest the money and then begin receiving monthly payments of $2500 once he reaches age 25 The consultant also suggests that Charlie should protect himself from inflation by having his payments increase by 2.3% each year. Thus, the 12 monthly payments in year 1 will be $2500 (age 25 to age 25, 11 months), the 12 monthly payments for year 2 will be $2500(1.023) (age 26 to age 26, 11 months), the 12 monthly payments for year 3 will be $2500 1.023)2 (age 27 to age 27, 11 months), and so on. (Note: This is a situation where the payments are monthly, but the percentage increase is annually.) It turns out that Charlie has won enough money for this payment scheme to last for a total of 25 years after he turns 25. If Charlie can earn jl-8% on his lottery winnings and if the consultant charges 1.5% of the winnings as a fee (payable up front when Charlie is 16), how much did Charlie win in the lottery? lax1