1. On December 1, 2014, a philanthropist set up a permanent trust fund to buy Christmas presents...

Question:

1. On December 1, 2014, a philanthropist set up a permanent trust fund to buy Christmas presents for needy children. The fund will provide $90,000 each year beginning on December 1, 2024. How much must have been set aside in 2014 if the money earns 3% interest compounded annually?
2. Rent Show that the rent paid by a deferred of n payments that are deferred by m interest periods is given by the formula

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,...