26. An investment makes annual payments. The first payment of $760 is due in one year at t=1. Payments grow at a rate of 11% annually until t=24. After this period, payments decline at a rate of 5% annually and are in perpetuity. What is the present value of the investment's cash flows at an annual discount rate of 15%? paid You know that a 24 year annuity with a first payment of $1 growing at 11% annually is worth $14.3108. A similar 23 year annuity is worth $13.9257. (a) $12,267