You have $100,000 to purchase a 20-year annuity at 5 percent. What will be the annual payment

Question:

You have $100,000 to purchase a 20-year at 5 percent. What will be the annual payment from the 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,...