Consider the following annuity:

it pays $15,000 at the end of the second year, $14,800 at the end of the third year, $14,600 at the end of the fourth year, and so on, till the payment reaches $11,000 ($11,000 is the final payment of this annuity). Answer the following questions explaining your work:

1) When does the final payment of $11,000 take place?

2) Given an annual interest rate of 3%, find the present value of this annuity at time 0. Show all your work.