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please explain details, thank you Question 8.01 An annuity pays 50 in 1 year, 55 in 2 years, 60 in 3 years, and so on

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please explain details, thank you
Question 8.01 An annuity pays 50 in 1 year, 55 in 2 years, 60 in 3 years, and so on until a final payment of 150 in 21 years. The annual effective interest rate is 5%. Calculate the present value of the annuity. A 753.65 B 1,054.67 C 1,105.29 D 1,169.39 E 2,676.95

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