I need full explanation in how to solve this question as soon as possible, the final answer should be $397,388.55 and I attached the section related to this question from the book.

On January 1, 1988, Felix inherited a perpetuity with annual payments begin- ning in six months. The rst payment was $3,000, and after that the payments increased by 3% each year. Find the value of this perpetuity on January 1, 1995 if the annual effective interest rate was 6% from January 1, 1983 through January 1, 1996 and 4% thereafter