Morris Makes A Series Of Payments At The End Of Each Year For 19 Years The First

Morris makes a series of payments at the end of each year for 19 years. The first payment is 100. Each subsequent payment through the tenth year increases by 5% from the previous payment. After the tenth payment, each payment decreases by 5% from the previous payment.Calculate the present value of these payments using an annual eective rate of 7%.NOTE: Please use the timeline, and formula for the “Annuities whose payments follow a geometric progression or follow an arithmetic progression”. Don’t use any kind of excel or function to solve it. Thanks a lot

AnswerYear12345678910111213141516171819 Annual Payment $100105110.25115.76121.55127.63134.01140.71147.75155.14147.38140.01133.01126.35120.03114.03108.33…

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