Question: Consider a growing annuity that will make first annual payment of $500 in ten years. Each year after that, you will receive a payment that

Consider a growing annuity that will make first annual payment of $500 in ten years. Each year after that, you will receive a payment that is 3% larger than the last payment. The last payment of the annuity is in year twenty. This pattern of payments will continue forever. If the interest rate is 10%, then what is the present value of this annuity

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