Do not use EXCEL

2. (8 pts) Nathaniel purchases a deferred perpetuity that will provide $20,000 payments every two years after a waiting period. He purchases the annuity for $75,000, and the annual effective interest rate is 8%. How long is the waiting period (i.e. how long between the time of purchase and the first payment)? Give your answer in years, correct to 3 decimal places. Show all work algebraically