J.J. deposited $1680 at the beginning of every 6 months for 8 years into a fund paying

Question:

J.J. deposited $1680 at the beginning of every 6 months for 8 years into a fund paying 5.5% compounded semi-annually. Seven years after the first deposit, he converted the balance into an paying him equal monthly payments for 20 years. If the payments are made at the end of each month and interest on the is 6% compounded monthly, what is the size of the monthly payments?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...