Could somebody please help me answer this question from a previous exam.

An annuity immediate pays an initial benefit of one per year, increasing by 10.25% every four years. The annuity is payable for 40 years.

Using an annual effective interest rate of 5%, determine an expression for the present value of this annuity.

According to the answer key the answer is

(1+V^2)a20 where a20 is an annuity immediate payable for 20 yrs. I can not even come close to getting this. Any ideas will be greatly appreciated.

An annuity immediate pays an initial benefit of one per year, increasing by 10.25% every four years. The annuity is payable for 40 years.

Using an annual effective interest rate of 5%, determine an expression for the present value of this annuity.

According to the answer key the answer is

(1+V^2)a20 where a20 is an annuity immediate payable for 20 yrs. I can not even come close to getting this. Any ideas will be greatly appreciated.

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