The solution is: 584.29

Please show work by hand.

yProblem 26.34 t Mary purchases an increasing annuity-immediate for 50,000 that makes t annual payments as follows: i) P, 2P,10P in years 1 through 10; and ii) 10(1.05) P, 10(1.05)2 P,.. . ,10(1.05)10P in years 11 through 20. The annual effective interest rate is 7% for the first 10 years and 5% there- after. Calculate P yProblem 26.34 t Mary purchases an increasing annuity-immediate for 50,000 that makes t annual payments as follows: i) P, 2P,10P in years 1 through 10; and ii) 10(1.05) P, 10(1.05)2 P,.. . ,10(1.05)10P in years 11 through 20. The annual effective interest rate is 7% for the first 10 years and 5% there- after. Calculate P