Formula for calculating the PV of growing annuity is:

P

$/$

$($

r

$-$

g

$)$

$[$

$1$

$-$

$($

$1$

$+$

$$g

$/$

$1$

$+$

$$r

$)$

n

$]$

In the given question we have,

P

$=$

$$First payment i

$.$

e

$.$

$$$

$1$

$8$

$0$

$,$

$0$

$0$

$0$

$0$

r

$=$

$$rate per period i

$.$

e

$.$

$9$

$\%$

g

$=$

$$growth rate i

$.$

e

$.$

$4$

$\%$

n

$=$

$$number of periods i

$.$

e

$.$

$4$

$5$

$$years