Suppose an annuity will pay $15,000 at the beginning of each year for the next 7 years.

Question:

Suppose an will pay $15,000 at the beginning of each year for the next 7 years. How much money is needed to start this if it earns 7.3%, compounded annually?
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,...