Assume you are to receive a 30-year annuity with annual payments of $100. The first payment will

Question:

Assume you are to receive a 30-year with annual payments of $100. The first payment will be received at the end of Year 1, and the last payment will be received at the end of year 25. You will invest each payment in an account that pays 5.5 percent. What will be the value in your account at the end of Year 30?
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,...