Today is January $1,2101.$ You are expecting to receive $$500$ on December $31,2101,$ $$600$ on December $31,2102,$ and $$700$ on

December $31,2103.$ Your cousin offers to buy the rights to these cash flows today. Assuming the appropriate discount rate is

$7\%,$ what is the lowest amount you would be willing to take? Wait, don't calculate this $-$ just show the formula set up with the

precise numbers we would need to solve this problem. I am NOT looking for financial calculator input here. $($That means

putting something like $)$ will get no credit.$)$ Be sure to use $()$s where needed.