Francois and Pat wish to structure the payments from a 20-year annuity so that the end-of-quarter payments

Question:

François and Pat wish to structure the payments from a 20-year so that the end-of-quarter payments increase by $500 every five years. Maritime Insurance Co. will pay 5% compounded quarterly on funds received to purchase such an How much must François and Pat pay for an in which the quarterly payments increase from $2000 to $2500 to $3000 to $3500 in successive five-year periods?
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,...