Question: solve it and explain it please. Question 1 1 pts A perpetuity will pay $500 on April 1, 2022 first, and then $50 more than

solve it and explain it please.

Question 1 1 pts A perpetuity will pay $500 on April 1, 2022 first, and then $50 more than the last payment each year on April 1. The annual effective interest rate is 2.5%. Calculate the present value of the perpetuity as of April 1, 2021. Round the answer to the nearest thousand dollars. (Input 123000 if the answer is $123,456.)

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