Mr. and Mrs. Dafoe are doing some estimates of the amount of funds they will need in their RRSP to purchase an annuity paying $5,000 at the end of each month. For each combination of term and monthly compounded interest rate in the following table, calculate the initial amount required to purchase the annuity. 
Definitions:
Expected Value
The long-term average or mean of a random variable over many trials or occurrences.
Sampling Distribution
The arrangement of probability for a specific statistic, following the analysis of a randomly selected sample.
Sampling Distribution
The probability distribution of a given statistic based on a random sample, used to make inferences about the population from which the sample was drawn.
Sample Proportion
The quotient of the number of times an event occurs in a sample to the total number of observations in the sample.
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