Your good uncle, who passed away last year, has left you an annuity in his will. You will receive the first payment of $15,000 in 5 years from today, and payments will grow at a constant rate of 1.5% per annum for each of the following 19 payments, making 20 payments in total. What is the present value to you of this inheritance if your discount rate is 3.5% per annum?