For $30,000, Manny purchased a deferred ordinary annuity from an insurance company that will pay him quarterly

Question:

For $30,000, Manny purchased a deferred ordinary from an insurance company that will pay him quarterly payments of $1076.71 for 12 1/2 years. The payments are based upon the purchase amount earning 7% compounded quarterly. When will Manny receive the first payment?
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,...