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

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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 annuity paying $6000 every 3 months with interest at 6% compounded quarterly. For how long will the annuity continue to pay him?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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