Question: Please do not use excel. Please show work by hand. John purchases an annuity-due for $90,000. The annuity's payments will be made annually for 20

Please do not use excel. Please show work by hand.

Please do not use excel. Please show work by hand. John purchases

John purchases an annuity-due for $90,000. The annuity's payments will be made annually for 20 years, and were calculated using an annual effective rate of interest of 4%. As a customer bonus, immediately after the 9th payment, the company changes the annual effective interest rate to 5% for the purposes of calculating John's future payments. Calculate the resulting increase in John's payment

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