A cash flow series increases geometrically at the rate of 6% per year. The initial payment in

Question:

A cash flow series increases geometrically at the rate of 6% per year. The initial payment in the first year is $5000 with increasing annual payment ending at the end of 20 years. The interest rate in effect is 15% compounded annually for the first eight years and 5% compounded annually for the 12 remaining years. Find the present amount that is equivalent to the cash flow?