On May 15, 2018 Rick Newlin reached a settlement on a long overdue contract. The settlement results in Rick receiving a total of $1,900,000 -- scheduled over 4 annual payments of $475,000 each. The first payment starts on May 15, 2021, with the remaining 3 payments following on May 15, 2022, May 15, 2023, and May 15, 2024.

Rick wants to know the present value of his settlement today on May 15, 2018, at a 6% interest rate. Show all calculations.