Under a special annuity, there are payments at times t = 1, 2, 3, . . . , 30 (in years). The amount of the payment at time t is the minimum of $10,000(1.05t) and $25,000. Find the present value of this special annuity using a nominal interest rate of 8% per annum convertible quarterly. Give your answer to the nearest cent

( how to use Excel to work it out)