By using the formulas for increasing annuities and level annuities, calculate and the present value at time t = 0 of a special annuity payable annually at the beginning of each year for 15 years, in which the amount payable at time t is (t + 1)^2 . The interest rate is 3% per annum effective. (Note: calculations must be based on the stated annuity formulas, direct calculation by discounting (t + 1)^2 would earn at most half of the full credit for this question.)