The Premier League has agreed to pay $900 million in 25 equal annual payments to referees to settle a lawsuit, with the first payment to occur in one year. In order to fund this liability, they have decided to invest in corporate bonds that will pay annual coupons that mature in 20 years with a yield to maturity of 3.28%. Calculate how much money should be invested in the bond portfolio today (present value) to fully fund its liability for the future and the duration.

A coupon rate was not provided.