3. (4 Points) The present value of a series of 50 payments starting at $100 at the end of the first year and increasing by $1 each year thereafter is equal to X. The annual effective rate of interest is 9%. Calculate X (a) 1,165 (b) 1,180 (c) 1,195 (d) 1,210 (e) 1,225 1 3. (4 Points) The present value of a series of 50 payments starting at $100 at the end of the first year and increasing by $1 each year thereafter is equal to X. The annual effective rate of interest is 9%. Calculate X (a) 1,165 (b) 1,180 (c) 1,195 (d) 1,210 (e) 1,225 1