You need Rs 150,000 at the end of 15 years. You decide to make equal annual payments into a bank account. Current interest rate is 11 percent (compounded annually). The first payment is to be made at the end of the first year.

(a) What must be year annual payment to meet your need?

(b) How would your answer change if the payments are made at the beginning of the year?

(c) Instead of making annual payments if you were to decide to make one lump-sum payment today, how big should the lump-sum be?