Question: A 20-year growing annuity made its first payment in the amount of $1,000 to the investor on Jan 1, 2022, and then the payment

A 20-year growing annuity made its first payment in the amount of

A 20-year growing annuity made its first payment in the amount of $1,000 to the investor on Jan 1, 2022, and then the payment grew 3% annually. On Jan 1, 2022, right after the $1,000 was paid, how much was this growing annuity worth? Use discount rate r = 8%.

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