Joshua deposited $3560.00 at the beginning of every 6 months for 11 years into a fund paying 3.5% compounded semi-annually. Fourteen years after the first deposit he converted the then existing balance into an annuity due paying him equal annual payments for 22 years. If interest for the annuity due is 5% compounded annually, what is the size of the annual payment?

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The Answer of Joshua deposited $3560.00 at the beginning of every 6 months for 11 years into a fund paying 3.5% compounded semi-annually. Fourteen years after the first deposit he converted the then existing balance into an annuity due paying him equal annual payments for 22 years. If interest for the annuity due is 5% compounded annually, what is the size of the annual payment?

Joshua Deposited $3560