You are setting up an annuity to fund a note you took out (borrowed) at a rate of 6.3% (annual). The payments begin in 6 months, and grow at 1.5% every 6 months for 15 years. The first payment is $100,000 and occurs in 6 months and the note will be completely paid off in 15 years. What is the value of the amount borrowed? $5.09 million $3.19 million $3.67 million $1.75 million You are setting up an annuity to fund a note you took out (borrowed) at a rate of 6.3% (annual). The payments begin in 6 months, and grow at 1.5% every 6 months for 15 years. The first payment is $100,000 and occurs in 6 months and the note will be completely paid off in 15 years. What is the value of the amount borrowed? $5.09 million $3.19 million $3.67 million $1.75 million