7q (Present value of a growing perpetuity)As a result of winning the Gates Energy Innovation Award, you are awarded a growing perpetuity. The first payment will occur in a year and will be for

$25,000.

You will continue receiving monetary awards annually with each award increasing by

5

percent over the previous award, and these monetary awards will continue forever. If the appropriate interest rate is

14

percent, what is the present value of this award?

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Part 1

The present value of the award is

$enter your response here.

(Round to the nearest cent.)