A 10-year indexed annuity was purchased in which the end-of-month payments start at $1250.00 and diminish by

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A 10-year indexed annuity was purchased in which the end-of-month payments start at $1250.00 and diminish by 0.5% per payment. If interest is 4.8% compounded monthly, what amount was initially paid for this annuity?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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