Isaac wishes to purchase a 25-year annuity providing monthly payments of $1000 for the first 15 years

Question:

Isaac wishes to purchase a 25-year providing monthly payments of $1000 for the first 15 years and $1500 for the remaining 10 years. An insurance company has quoted him a rate of return of 4.8% compounded monthly for such an How much will he pay for the 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,...