Q: Suppose you invest $280,000 in an annuity that returns 9 annual payments, with the first payment one year from now and each subsequent payment growing by 3%. At an interest rate of 5%, how much is the first annual payment you receive? Equivalent problem structure (as a borrower): Suppose you borrow $280,000 to be paid back over 9 years with the first payment one year from now and each subsequent payment growing by 3%. At an interest rate of 5%, how much is the first annual payment? Please round your answer to the nearest hundredth