Question: Determine the number of periods for which the following annuity payments would have to be invested to accumulate to $20,000. Assume payments are made at

Determine the number of periods for which the following annuity payments would have to be invested to accumulate to $20,000. Assume payments are made at the end of each period. Convert the number of periods to years.

1. Annual payments of $5,927 at 12% per annum, compounded annually.

2. Semiannual payments of $3,409 at 16% per annum, compounded semiannually.

3. Quarterly payments of $4,640 at 20% per annum, compounded quarterly.

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