A rich aunt has promised you

$3,000

one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is

3%

larger than the last payment. She will continue to show this generosity for

20

years, giving a total of

20

payments. If the interest rate is

9%,

what is her promise worth today?

Question content area bottom

Part 1

The present value of the aunt's promise is

$enter your response here.

(Round to the nearest dollar.)