A 15 year annuity pays $1,500 per month, and payments are made at the end of each

Question:

A 15 year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is 13 percent compounded monthly for the first saven years, and 9 percent compounded monthly thereafter, what is the present value of the annuity?

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,...