The investor will pay $ 21,304.88 to receive an annuity of $38,820 each year for 10 years at 6% interest compounded continuously.
Given :
Interest on $600,000 worth of bonds = $38,820 per year
No. of years = 10 years
Discount rate = 6%
Compounding interval = Continuous compounding ( as given in the question)
We use the following formula to arrive at the Present Value:

PV = $ 21,304.88