Question $8\mathrm{.}09$

An annuity consists of a series of $75$ payments starting at $200$ at the end of the first year

and increasing by $4$ each year thereafter.

The annual effective interest rate is $8\%.$

Calculate the present value of the annuity.

A $3,050\mathrm{.}75$

B $3,053\mathrm{.}75$

C $3,103\mathrm{.}60$

D $3,153\mathrm{.}44$

E $3,351\mathrm{.}81$

The answer should be C $3,103\mathrm{.}60.$ Please solve by hand.