A couple has determined that they need $1.5 million to establish an annuity when they retire in

Question:

A couple has determined that they need $1.5 million to establish an when they retire in 25 years. How much money should they deposit at the end of each month in an investment plan that pays 10%, compounded monthly, so they will have the $1.5 million in 25 years?
(a) State whether the problem relates to an ordinary or an due, and then
(b) Solve the problem.
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,...