For this question, I know that I will receive the annuity in 4 years. However, Why do I discount it in the denominator only by 3 years and not by 4 years?

TEC Teamswam 20.00 Consider a perpetual annuity with a 3% constant growth rate and 5% discount rate (all data are annual). What is the annuity's present value if the first instalment is for 500 and you receive it in exactly 4 years? (For greater clarity: We are currently at t=0, and the first instalment will be in t=4 for 500; the second will be in t=5 and will be 3% greater than in t=4; the third instalment will be in t=6 and will be 3% greater than in t=5, etc.) Select one: a. 23,809.52 b. 19,588.15 C. 20,567.56 d. 25,000.00 e 22,675.74 O 21,595.94 The correct answerils 21,59594 The price of your favourite soda increases 3.925% per year. Given this 82 Assignements ti Notes From Videos Financ Math Juan Financial Economics Financial Analysis Assigner Q5: GArIP i Vo = 500 $90 c (I-1) o + C05-03)-(0.05) Cos-03) (1:45)