Noel Klinger is planning to invest in an insurance company product. The product will pay $11,500 at the end of this year. Thereafter, the payments will grow annually at a 3.7 percent rate forever. Jack will be able to invest his cash flows at a rate of 6.5 percent. What is the present value of this investment cash flow stream? (Round to the nearest dollar.) $446,598 $410,714 $326,908 $312.766