If an investment is expected to make year$-$end payments of $$1\mathrm{.}50$ for the next three years

followed by $$1\mathrm{.}80$ per year in perpetuity $($indefinitely$),$ how much should an investor be willing to

pay for this investment $($that is$,$ what is the present value of the investment$)$ if the investor

requires a $12\%$ compounded quarterly rate of return?