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A rich donor gives a hospital $ 1 0 0 0 0 0 one year from today. Each year after that, the hospital will receive

"A rich donor gives a hospital $100000 one year from today. Each year after that, the hospital will receive a payment 1% larger than the previous payment, with the last payment occurring in 7 years' time. What is the present value (PV) of this donation, given that the interest rate is 3%? Note: Express your answers in strictly numerical terms. For example, if the answer is 5%, enter 0.05 as an answer."

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