George purchased an annuity that provides payments of $4500 at the end of every 3 months The annuity is bought for $33 500 and payments are deferred for 12 years If interest is 4 94 compounded monthly, for how long will payments be received ...

PV 33 63733 PMT 450000 i 04116 c 124 3 0092697 1 1 ...

George purchased an annuity that provides payments of $4500 at the end of every 3 months. The

Question:

George purchased an that provides payments of $4500 at the end of every 3 months. The is bought for $33 500 and payments are deferred for 12 years. If interest is 4.94% compounded monthly, for how long will payments be received? 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,...