A church wants to provide a retirement plan for the senior pastor who is aged 55 now. The plan will provide the pastor with an annuity immediate of GH¢7,000 every year for 15years upon his retirement...

A church wants to provide a retirement plan for the senior pastor who is aged 55 now. The plan will provide the pastor with an annuity immediate of GH¢7,000 every year for 15years upon his retirement at the age of 65 years. The Church is funding this plan with an annuity-due of 10years. If the rate of effective interest is 5℅ what is the amount of instalment the church should pay?