A deferred annuity is an annuity which delays its payouts. This means that the payouts do not start until after a certain duration. Notice that a deferred annuity is just a deposit at the start, followed by an annuity. Your task is to calculate the amount of money that is left in a deferred annuity.

Given the followings: principal = 1000 gap = 2 (duration in months before the first payment) payout = 100 (monthly) duration = 2 (total number of payouts) interest rate = 0.1 (monthly)

Note that duration specifies the number of payouts after the deferment, and not the total duration of the deferred annuity.

The answer key is 1121.0. But, I don't know how to do it.