You purchased a financial instrument that will pay you $20 next year, after which the payoff will increase by 3% per year. There will be a total of 20 annual payments. If the required rate of return on this kind of instrument is 8%, what should be its price now? $227.06 $264.95 $245.00 $311.91 $287.16

You purchased a financial instrument that will pay you $20 next year, after which the payoff will increase by 3% per year. There will be a total of 20 annual payments. If the required rate of return on this kind of instrument is 8%, what should be its price now? $227.06 $264.95 $245.00 $311.91 $287.16