33. Growing annuities (S2.3) You are contemplating membership in the St. Swithins and Ancient Golf Club. The

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33. Growing annuities (S2.3) You are contemplating membership in the St. Swithin’s and Ancient Golf Club. The annual membership fee for the coming year is $5,000, but you can make a single payment today of $12,750, which will provide you with membership for the next three years. Suppose that the annual fee is payable at the end of each year and is expected to increase by 6% a year. The discount rate is 10%. Which is the better deal?

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