Annual payments of $$200$ are made at the end of each year for $16$ years. Find the PV of this annuity at time $0$ if the effective annual rate of

interest is $6\%$ for the first $4$ years and $4\%$ for the last $12$ years.

Possible Answers

$2180$

$3417$

$4406$

$4423$

$5026$