John won the lottery for a grand prize of $2,500,000. Rather than taking a lump sum that is taxed at 40%, John plans on receiving 20 equal payments of $145,000 with the first payment occurring when he hands in his winning ticket. Each payment will be taxed 27%. John plans on investing this money assuming he will receive a rate of return of 3%. What is the present value? Please show work on financial calculator to explain how answer was calculated.