Delayed Annuity $($SDT$)$

Christina is planning on buying an Insurance policy that will pay for $$196,000$ a year for $25-$years, with the first payment occurring in $15$

years, If she is still alive, otherwise the policy will payout a lump sum to her helrs at the end of year $14.$ The rate of return on the policy

Is$5\mathrm{.}25$ percent?

What is the value of the lump payout?

If Christina purchases the policy, what is the maximum she is willing to pay?