Tiary has obtained a special 3-year, $12,000,000 increasing graduated payment mortgage from Nopay Bank requiring annual mortgage payment at 10% mortgage rate. The annual payment will increase by 10% each year. What is the total interest expense of the mortgage?

a) $ 1,200,000

b) $ 1,684,000

c) $ 2,080,000

d) $ 2,476,133

e) $ 2,564,000

Answer is D