Excel solution is preferred.

An investment of $10,000 is to be used to make payments of $150 at the end of the first year, $300 at the end of the second year, $450 at the end of the third year, etc., every year for as long as possible. A drop payment is paid 1 year after the last regular payment. Calculate the time and the amount of the drop payment at an annual rate of interest of 4%. Hint: Use a trial-and-error approach or Excel Solver. Frist calculate (la)nji and solve for n, then the drop payment is the value of 10,000 (la) kli at time t = 14. ANS: 14, $578.31