Darla's grandparents set up a trust for her. The trust will begin dispersing funds at the end of year 7. Darla will receive $41577 at the end of each year for 13 years. The amount she receives will increase by 15% with each subsequent payment.
She recently received a letter from a bank offering to pay her a lump sum of $414017 today if she relinquishes ownership of the trust payments to the bank. Before Darla can make a decision, she needs to calculate the total worth of all of the payments as of today. The trust account pays a nominal annual interest rate of 4% compounded monthly.
How much are Darla's trust payments worth today?
Enter your answer as follows: 12345
Round your answer. Do not use a dollar sign ("$"), any commas (",") or a decimal point (".")