An investment promises to pay you $300 per year starting in 5 years. The cash flow from the investment is expected to increase by 3 percent per year forever. If alternative investments of similar risk earn a return of 10 percent per year, determine the maximum you would be willing to pay for the investment. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Maximum amount you would be willing to pay?

PLS explain step by step and the logic and no excel