In this case, we use the formula for Present Value of Annuity
PV(ordinary annuity) = C * [ { 1 - (1+i)-n} / i ]
Here,
C = $ 1,800,000
i = 7% or 0.07
n = 25
Putting the values in the formula, we derive PV = $ 20,976,449.72 or $ 20,976,450
Present Value: $20,976,450.
Hence, Option C is selected.