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The lottery will make annual payments at the beginning of each year for the next 2 5 years. The first payment is 1 0 0

The lottery will make annual payments at the beginning of each year for the next 25 years. The first payment is 100,000. The second payment is 150,000. The third payment is 200,000. The same pattern continues with each payment being 50,000 more than the prior payment until a payment of 1,300,000 is made at the start of the 25th year. Calculate the present value of these payments at an annual effective interest rate of 9%.

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