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Mr. and Mrs. Rich are interested in purchasing an annuity that will pay them $2,500.00 per...

Mr. and Mrs. Rich are interested in purchasing an annuity that will pay them $2,500.00 per month starting next month for 25 years. If the best rate of return that they could get is 4.65% compounded semi-annually, calculate using both the algebraic and the calculator method,

a) how much should they pay now for this annuity?

b) Calculate the total interest paid over the term of the annuity.

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Mr. and Mrs. Rich are interested in purchasing an annuity that will pay them $2,500.00 per month starting next month for 25 years. If the best rate of return

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