Question: Patterns of payment-deferred annuity.
![2450_Annuity.png](https://secure.tutorsglobe.com/CMSImages/2450_Annuity.png)
When to use: If an annuity begins in the future. Sample problem: You will receive $1,000 per period, starting at the end of the fourth period and running through the end of the eighth period. With a discount rate of 8 percent, determine the present value. The student is encouraged to work the many problems found at the end of the chapter.