Imagine you have won the lump sum amount of $$2450$ in a recent contest. However, you must wait until the end of $9$ years to receive the money.

However, you would prefer a different pattem of payments: $$375$ today and then receive some unknown LUMP SUM $($i$.$e$.$ one time$)$ amount that will be received in $9$ years.

Using an interest rate of $3\mathrm{.}50\%,$ determine the unknown lump sum amount that would make the present value of both prizes equivalent.

$$275\mathrm{.}15$

$$1422\mathrm{.}64$

$$1797\mathrm{.}64$

$$1938\mathrm{.}91$

$$2828\mathrm{.}01$