A 15-year annuity pays $1,000 at the end of the first year. Each successive payment is $50 larger than the payment in the preceding year. When the annual effective rate of interest is 7%, calculate the present value of this annuity. less than $12,000 $12,000 or more but less than $12,500 $12.500 or more but less than $13,000 0 $13,000 or more but less than $13.500 $13,500 or more but less than $14,000 $14,000 or more Question 4 (Continued from the last question.) Consider a perpetuity whose first 15 payments are the same as the annuity above, and whose following payments are $2,000 each. Calculate the present value of the perpetuity with a 7% annual effective interest rate. Round the answer to the nearest hundred