It is reported that an annuity-immediate with $100 annual payments for s years has an accumulated value of $933.52 at the time of its last payment. Furthermore, an annuity-immediate that has $40 annual payments and a term four times as long accumulates to $2,680.11 at the time of its last payment. Now consider an annuity that has the same term as the second of these annuities but only has a payment at the end of each four years. Suppose its first payment is $2,400 and each further payment is $300 more than its predecessor. Express the accumulated value of this third annuity at the time of its last payment as a function of the annual effective interest rate i . Make sure any annuity symbols appearing in the function are to be evaluated at the rate i used in valuing the first two annuities.
