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An annuity makes annual payments at the end of each year for 25 years. The first payment is $100, the second payment is $200, and
An annuity makes annual payments at the end of each year for 25 years. The first payment is $100, the second payment is $200, and so on until the tenth payment of $1000. The final 15 payments are each $X. The annuity has a present value of $15,000 at an annual effective interest rate of 3%. Find X.
(a) 880.90 (b) 1183.85 (c) 1372.41 (d) 1656.79 (e) 1920.67
Show formulas please, no excel
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