You wish to purchase a 15-year deferred annuity (payments start now) that will last 20 years and generate $3000 per month for those 20 years while growing in value at 3% during the 20-year payout period. Assuming the discount rate for all cash flows is 7%

What is the price you should pay for this 15-year deferred, 3% growing 20-year annuity? in creating your answer, place a spinner on all key rates (growth and discount)