The answer is 15963.86

Please show step by step and formulas used.

Problem 21.4 A perpetuity pays $1,200 at the beginning of each year with the first payment being made immediately. The trust funding the perpetuity will earn an annual effective interest rate of 10% for the first 10 years, 8% for the second 10 years and 5% thereafter. Calculate the amount needed to fund the perpetuity immediately before the first payment