Assume the effective annual interest rate is 11%. Consider a growing annuity where the first annual payment (of $12,000) is in one year, each subsequent payment is 3.25% greater than the previous payment, and there are 25 payments in all. Calculate

a) The present value of this annuity

b) The future value of this annuity at the time of the last payment

c) What is the future value of this annuity if it lasts for 35 years