A city engineer has estimated the annual toll revenues from a newly proposed highway construction over 20 years as follows:

An = ($100, 000) (n) (1.06)n1

where An is the amount received at the end of the nth year (n = {1, 2, . . . , 20}). To validate the bond, the engineer was asked to present the estimated total present value of toll revenue at an interest rate of 6%. Assuming annual compounding, find the present value of the estimated toll revenue.