O Click here to read the eBook: Future Values Click here to read the eBook: Present Values PV AND A LAWSUIT SETTLEMENT It is now December 31, 2015 t = O and a ury just found in favor of a woman who sued the city for in ures sustained in a January 2014 accident. She requested recovery of lost wages plus $1,000,000 for pain and suffering plus $200,000 for legal expenses. Her doctor testified that she has been unable to work since the accident and that she will not be able to work in the future. She is now 62, and the jury decided that she would have worked for another three years. She was scheduled to have earned $36,000 in 2014. (To simplify this problem, assume that the entire annual salary amount would have been received on December 31, 2014.) Her employer testified that she probably would have received raises of 3% per year. The actual payment for the jury award will be made on December 31, 2016 . The judge stipulated that all dollar amounts are to be adjusted to a present value basis on December 3, 2016, using a 5% annual interest rate and using compound, not simple interest. Furthermore, he stipulated tht the pain and suffering and legal expenses should be based on a December, 31, 2015, date. How large a check must the city write on December 31, 2016 Do not round intermediate calculations. Round your answer to the nearest cent