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A perpetuity with annual payment is payable beginning of 1 0 th year from now. The first payment is 1 0 . Each annual payment

A perpetuity with annual payment is payable beginning of 10 th year from now. The first payment is 10. Each annual payment thereafter is increased by 10 until a payment of 50 is reached. Subsequent payments remain level at 50.
This perpetuity is purchased by means of 10 annual premiums, with the first premium of P due immediately. Each premium after the first is 105% of the preceding one. The annual effective rates are 6% during the first 9 years and 3% thereafter.
Calculate P.
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