Question: solve and explain it please. Question 1 1 pts An annuity with annual payments pays $500 at the end of the first year. From the

solve and explain it please. solve and explain it please. Question 1 1 pts An annuity with

Question 1 1 pts An annuity with annual payments pays $500 at the end of the first year. From the second to the sixth year, the payment amount gets larger by $80 each year. Starting from the seventh year, the annual payment amount stays the same at $900. Assume that i-6%. Calculate the present value. Round the answer to the nearest ten dollar

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