Find the present value of a ten-year annuity which pays $400$ at the beginning of each quarter
for the first $5$ years, increasing to $\$600$ per quarter thereafter. The annual effective rate of interest is $12\%$.
Answer to the nearest dollar.
I found the quarterly interest rate(j) to be $$ (1+j)^4 =(1.12) j=0.0287 $$
I tried drawing a time line to find the equation of value. I am not sure on how to write the formula I know i am suppose to use annuity due for present values However, what would $n$? $n$=the number of payments