3. (14 marks) (a) (5 marks) Let n be the number of payment periods, be the interest rate per conversion period and R be the amount of each periodic payment. Let A denote the present value of an ordinary annuity. Show that A = Ram where a 1- (1 + i)" Racm (b) (4 marks] Use part (a) to show that the present value of a complex ordinary annuity is 1 83 where c is the number of interest periods in one payment interval (1 + i)" - 1 (c) (5 marks) A garage is sold for 2,000 down and 48 monthly pay- ments of 300. If money is worth 8% compounded quarterly, find the cash value of the garage. and say