Janice and Terry Van Dyke have decided to establish a quarterly ordinary annuity of $3,000 for the

Question:

Janice and Terry Van Dyke have decided to establish a quarterly ordinary of $3,000 for the next ten years at 8% annual interest compounded quarterly. How much should they invest in a lump sum now to provide the stream of payments? Use Table 14-2, the formula, or a calculator application? 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,...