A 20-year growing annuity made its first payment in the amount of $1,000 to the investor on Jan 1,2022 , and then the payment grew 3% annually. On Jan 1,2022 , right after the $1,000 was paid, how much was this growing annuity worth? Use discount rate r=8%. Tip: - In the PV formula of growing annuity, C is the payment one year from the time of evaluation. So, you need to first find out what the payment is in one year from Jan 1,2022. - t in the formula is the number of payments left to be paid in the future. Think carefully about it. - Lastly, distinguish between r and g in the formula. $12,230 $12,618 $11,618 $13,230