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The payment is made at the end of each year for six years in order to provide $500 at the end of the year for 10 years beginning five years after the first payment. Determine the amount of the payment required to fund this investment is the annual interest rate is 8%

please use the following was provided and specify which formula was used

Engineering Economics Formulas 0004 Factor Name Converts Symbol Formula single payment compound amount P.fo F (F/P.. F - P(1+) single payment present worth Flo P (PF) P F uniform series sinking fund FOA (A/F/%) (1+/)" uniform series compound amount A to F (F/A1%.n) (1+ FA capital recovery Pto A (A/P,196,1) AP (1+)" uniform series present worth Ato P P (P/A/%n) P=4 |(1+1)" - 1 uniform gradient present worth G to P (P/G,196,n) PG (1+)" - 1 (141)" n 1(1+1)" uniform gradient future worth G to F (F/G/%,n) F G uniform gradient uniform series G to A (A/G,1%.n) (1+1)" - 1 Note: Convert the interest rates from percent to decimal values prior to utilizing these equations. Related Nomenclature: A annual amount or annuity, S BV book value, $ initial cost or present worth of all costs, $ d inflation-adjusted interest rate, % Ddepreciation in year], $ EUAC equivalent uniform annual cost, $ constant inflation rate. % future worth or value, $ G uniform gradient amount, $ 1 interest rate for compounding period, % m number of compounding periods per year n number of compounding periods or service life probability P present worth or value, $ P: present worth after taxes, $ r nominal rate per year, % ROR rate of return, % ROI return on investment, % state income tax rate, % Si expected salvage in year n t composite tax rate, % S

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