Question 3.20 FOA/IOA A 20-year annuity certain provides payments annually of $200 at time 1 year, $180 at time 2 years, $160 at time 3 years, and so on, until the payments have reduced to $60. Payments then continue at $60 per year until the 20 th payment has been made. The annual effective interest rate is 4%. Determine the present value of the annuity