For her daughters education, Georgina Harcourt has invested an inheritance in a fund paying 5 2 compounded quarterly If ordinary annuity payments of $178 per month are to be made out of the fund for eight years, how much was the inheritance ...

PMT 17800 i 13 n 96 c 412 13 p 1013 ...

For her daughters education, Georgina Harcourt has invested an inheritance in a fund paying 5.2% compounded quarterly.

Question:

For her daughter’s education, Georgina Harcourt has invested an inheritance in a fund paying 5.2% compounded quarterly. If ordinary payments of $178 per month are to be made out of the fund for eight years, how much was the inheritance?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...