Joseph has won a lottery prize. He will receive a payment of $$\mathrm{<font><font>1</font></font>}\mathrm{<font><font>2</font></font>}\mathrm{<font><font>0</font></font>}<font><font>,</font></font>\mathrm{<font><font>0</font></font>}\mathrm{<font><font>0</font></font>}\mathrm{<font><font>0</font></font>}$ today. He will also receive payments at the end of each of the next $\mathrm{<font><font>1</font></font>}\mathrm{<font><font>0</font></font>}$ years. These payments will grow by $\mathrm{<font><font>3</font></font>}<font><font>\%</font></font>$ per year, i$<font><font>.</font></font>$It is$<font><font>.</font></font>$ the payment one year from today will be $\mathrm{<font><font>3</font></font>}<font><font>\%</font></font>$ more than the payment today, the payment two years from today will be $\mathrm{<font><font>3</font></font>}<font><font>\%</font></font>$ more than the payment one year from today, etc. What is the total present value of the prize that Joseph has won, given a discount rate of $\mathrm{<font><font>7</font></font>}\mathrm{<font><font>.</font></font>}\mathrm{<font><font>7</font></font>}<font><font>\%</font></font>$ per year.