An annuity purchased for $175,000 pays $4000 at the end of every quarter. How long will the

Question:

An purchased for $175,000 pays $4000 at the end of every quarter. How long will the payments continue if the funds earn 7% com- pounded semiannually?
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,...