You have your choice of two investment accounts. Investment A is a 10-year annuity that features end-of-month

Question:

You have your choice of two investment accounts. Investment A is a 10-year annuity that features end-of-month $1,200 payments and has an interest rate of 7 percent compounded monthly. Investment B is a 9 percent annually compounded lump-sum investment, also good for 10 years. How much money would you need to invest in B today for it to be worth as much as Investment A 10 years from now?

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,...