The present value approach can be used here
Current price of security= present value of all future cash flows
Cash flow after year 1 = C1 = $25 =C2 =C3
C4=C5=...= C23 = $30
C24= C25=....=C40 = X (say)
Therefore
800 = (25/1.08 + 25/1.082 + 25/1.083) + (30/1.084+....+30/1..0823) + (X/1.0824 +....+ X/1.0840)
Applying the sum of GP formula
800 = 25/0.08 * {1-(1/1.08)3} + 30/0.08 *{1-(1/1.08)20}/1.083 + X /0.08 *{1-(1/1.08)17}/1.0823
=> 800 = 64.43+ 233.82 + 1.553554X
=> 1.553554 X =501.75
=> X = $322.97
which is the equal payment to be received from year 24 through year 40 (17 years)
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