Given the following annual effective interest rates:

1-year spot rate of 4%

1-year deferred, 1-year forward rate of 4%

2-year deferred, 1-year forward rate of 4.5%

3-year deferred, 1-year forward rate of 5%

please calculate the price of a 4-year annuity immediate whose first annual payment is $1,000 and each subsequent

payment is 4% higher than the previous payment.

please show me your calculation. thx!!!