Homework Answers
Future value of annuity due=(1+rate)*Annuity[(1+rate)^time period-1]/rate
510,000=1.07*Annuity[(1.07)^5-1]/0.07
510,000=Annuity*6.15329074
Annuity=510,000/6.15329074
=$82882(Approx)
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