_{An engineer will deposit $500 for 3 years in an account at the end of each year to buy a house in the future. In addition, starting in year 4, he will make an annual deposit in arrears of $700, which will increase by a fixed amount of $200 per year for the next 5 years and then terminate Consider an interest rate of 14% per annum compounded semi-annually. Determine the present value of all flows.}