Rob deposits 700 at the beginning of each year for 8 years into a fund that earns
5%
annually. For the 4 years following those 8 years, he deposits nothing. At the beginning of year 12 , he uses the accumulated fund to purchase an annuity that makes payments of
K
at the end of each year for 12 years, with the first payment one year after the purchase. What is
K
?

Question

Rob deposits 700 at the beginning of each year for 8 years into a fund that earns

5%

annually. For the 4 years following those 8 years, he deposits nothing. At the beginning of year 12 , he uses the accumulated fund to purchase an annuity that makes payments of

K

at the end of each year for 12 years, with the first payment one year after the purchase. What is

K

?

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