Question: 5. Based on Problem 4-102 You will receive a series of ten annual cash payments that begin at $20,000 at year 0 and increase at

 5. Based on Problem 4-102 You will receive a series of

5. Based on Problem 4-102 You will receive a series of ten annual cash payments that begin at $20,000 at year 0 and increase at 7% a year. You are planning to put all the cash payments into an account that will earn 3% interest, compounded annually. What is the present worth of the entire set, based on the value at the end of year 9 (when the last cash payment is received)? Assume a discount rate of 5%. Round your answer to the nearest dollar

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