a.What is the present value (i.e., the value at t = 0, where t counts years) of the following stream of payments if the effective annual interest rate is .03 (i.e., 3% per annum):The first payment of $100 is made in 10 years (at t = 10). There are 10 more payments after that first payment that occur every 1.5 years.Each of these subsequent payments are 5% larger than the previous payment.