After winning some money at a casino, Tony is considering purchasing an annuity that promises to pay

Question:

After winning some money at a casino, Tony is considering purchasing an that promises to pay him $300 at the end of each month for 12 months, then $350 at the end of each month for 24 months, and then $375 at the end of each month for 36 months. If the first payment is due at the end of the first month and interest is 7.5% compounded annually over the life of the find Tony’s purchase price. 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,...