A rich aunt has promised you $ 3 comma 000$3,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is 7 %7% larger than the last payment. She will continue to show this generosity for 2020 years, giving a total of 2020 payments. If the interest rate is 7 %7%, what is her promise worth today?

Over the past decade, brands that were once available only to the wealthy have created more affordable product extensions, giving a far broader range of consumers a taste of the good life. jaguar, for instance, launched its x-type sedan, which starts at $30,000 and is meant for the "almost rich" consumer who aspires to live in luxury. by marketing to people who desire a luxurious lifestyle, jaguar is using: