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Determine the yearly payment john has to make

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Question - Mary just turned 20 years old and intends to invest $5,500 at the end of each year for eight years, beginning in five years. The rate of return on her investment is 15% compounded monthly. John is 40 years old and has just started to invest an equal amount of money at the beginning of every year. He will invest for 10 years. The rate of return on his investment is 16% compounded quarterly. Determine the yearly payment John has to make in order to have the same present value as Mary.

Reference no: EM132995210

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