Jeff Spicoli just graduated from Surf School and will be paid an annual bonus (on top of any surfing earnings) as a professional surfer. He is promised a 100% guaranteed bonus payment stream of $100,000 per year for nine straight years, starting 2 years from now, with each payment occurring at the end of the particular year. What is the present value of his promised bonus stream if he can earn an annual rate of 7%?