What is the current economic value of an annuity due consisting of 22 quarterly payments of $700,

Question:

What is the current economic value of an due consisting of 22 quarterly payments of $700, if money is worth 6% compounded quarterly for the first three years, and 7% compounded quarterly thereafter?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...