Question: please show work! actuary study question 10. A loan was taken out on September 1, 2018 and was repaid with the following increasing annuity: The

please show work! actuary study question

10. A loan was taken out on September 1, 2018 and was repaid with the following increasing annuity: The first payment was made on June 1, 2019 and was $10,000. Thereafter, payments were made on October 1, February 1, June 1 until October 1, 2021 inclusive. Each payment was 4% greater than its predecessor. The annual interest rate convertible monthly is 6%. Calculate the principal component of the fifth payment. - A. $ 10,447 B. $ 10,547 C. $ 10,647 D. $ 10,747 E. $ 10,847

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