In this question, you are required to solve for the final answer. The next question will give you the opportunity to submit your workings to this question. Write down your workings (time line, formula and inputs) on a piece of paper. Place your photo ID alongside your written workings and take a picture. Save this picture JPEG format. Upload the photo of your written workings and photo ID in the next question. Solve for the final answer: You have been offered an investment opportunity that promises to pay $829 at the end of each quarter over a 10 year payment period. However, the first payment will only be made one and a half years from today. What is the value of this investment to you (today), if your cost of capital is 11% p.a. compounding quarterly? (Hint: the value of a deferred annuity is determined with a 2-step process, which first requires you to determine the value of the annuity at some future date) Answer: $... (to two decimal places)