A used piece of rental equipment has 212 years of useful life remaining. When rented, the equipment

Question:

A used piece of rental equipment has 212 years of useful life remaining. When rented, the equipment brings in $800 per month (paid at the beginning of the month).
If the equipment is sold now and money is worth 4.8%, compounded monthly, what must the selling price be to recoup the income that the rental company loses by selling the equipment "early"?
(a) Decide 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,...