Ty received a separation payment of $25 000 from his former employer when he was 35-years old.

Question:

Ty received a separation payment of $25 000 from his former employer when he was 35-years old. He invested that sum of money at 5.5% compounded semi-annually. When he was 65, he converted the balance into an ordinary paying $6000 every 3 months with interest at 6% compounded quarterly. For how long will the continue to pay him? 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,...