Mary purchases an increasing annuity-immediate makes 32 annual payments as follows: (i) P, 2P, 3P, ..., 16P in years 1 through 16; and ... 9 (ii) 16P(1.03), 16P(1.03), . 16P(1.03)6 in years 17 to 32. The annual effective interest rate is 9% for the first 16 years, and 3% thereafter. Calculate P. [4.j #09] 326 339 319 O312 332 for 40,000 that