Please give detailed steps on how to solve.

4. Finance texts often have tables which give the present value factor for annuity: PV factor for annuity of $1 for N years at interestr = 2 = (1+r) As illustrated below, in Excel these present value factors are created with the PV function: BT DE IGIH. ANNUITY TABLE 9% 2 r, interest 3 N, number of periods 4 PV factor 5 3.8897