The Good Life Insurance Co. wants to sell you an annuity which will pay you $790 per

Question:

The Good Life Insurance Co. wants to sell you an which will pay you $790 per quarter for 30 years. You want to earn a minimum rate of return of 6.4 percent. What is the most you are willing to pay as a lump sum today to buy this Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...