On his 48th birthday a man decides to make a gift of $5,000 to a hospital. He decides to save the amount by making equal annual payments up to and including hi 60th birthday to a fund which gives 3½ per cent compound interest, the first payment being made at once. Calculate the amount of each annual payment.
On his 48th birthday a man decides to make a gift of $5,000 to a hospital. He decides to save the amount by making equal annual payments up to and including hi 60th birthday to a fund which gives 3½ per cent compound interest, the first payment being made at once. Calculate the amount of each annual payment.
