SOLUTION: You have ₱15,000 and wish to receive an annual annuity for 10 years. The annual interest rate is 7%. How much will you receive at the end of each year?

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Question 1189450: You have ₱15,000 and wish to receive an annual annuity for 10 years. The annual interest rate is 7%. How much will you receive at the end of each year?
Answer by ikleyn(52767) About Me  (Show Source):
You can put this solution on YOUR website!
.

My common sense tells me that normal people tend/want to get money at the beginning of a years
to spend the money for living during the year.

Getting money at the beginning of a year is different annuity comparing with getting money at the end of a year.


So, I am slightly perplexed on what you really want . . .


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To get the meaning of the word "perplex", see this link

https://www.shutterstock.com/image-photo/isolated-image-perplexed-frustrated-african-american-1869294823

the top left-most picture . . .