Q3 Calculation Q31 An annuity sometimes called a reverse mortgage is an account

Q3 calculation q31 an annuity sometimes called a

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Q3. CalculationQ3.1 An annuity (sometimes called a reverse mortgage) is an account that yields a fixed payment every year until it is depleted. The present value of the annuity is the amount that you would need to invest at a given interest rate so that the payments can be made.The present value of an annuity (PVann) at the time of the first deposit can be calculated using the following formula:PVann= PMT · ({[(1 + i)n - 1- 1] / i } / (1 + i)n - 1+ 1)where:PMT: periodic paymenti: periodic interest or compound raten: number of paymentsWhat is the present value of an annuity that will pay out $10,000 in each of the next 20 years if the interest rate is 8 percent?Write a program to calculate the present value of an annuity for these values. Remember that you can use Math.pow(x, y)to calculate xy .
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What is your program?
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