Noel Klinger is planning to invest in an insurance company product. The product will pay $12,500 at the end of this year. Thereafter, the payments will grow annually at a 2.5 annual percent rate forever. Jack will be able to invest his cash flows at an annual rate of 4.5 percent. What is the present value of this investment cash flow stream? $12,500$625,000$512,500$500,000