2. Alex's parents are paying him an annuity for the next 10 years. The annuity makes quarterly payments at the start of each quarter. The first payment is $1,000. The second payment is $1,500. The third payment is $2,000. Each payment continues to increase in the same pattern with each payment being $500 greater than the prior payment. Calculate the present value of Alex's payments at a nominal interest rate of 10% com- pounded quarterly