Using an inheritance he recently received, Sam wants to purchase a deferred annuity that will pay $5000

Question:

Using an inheritance he recently received, Sam wants to purchase a deferred that will pay $5000 every three months between age 60 (when he plans to retire) and age 65 (when his permanent pension will begin). The first payment is to be three months after he reaches 60, and the last is to be on his sixty-fifth birthday. If Sam’s current age is 50 years and 6 months, and the invested funds will earn 6% compounded quarterly, what amount must he invest in the deferred 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,...