An investor purchased a deferred annuity contract for $4608.07, a price calculated to provide a rate of

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An investor purchased a deferred annuity contract for $4608.07, a price calculated to provide a rate of return on investment of 9.75% compounded monthly. The semiannual payments of $400, once started, continue for a term of 15 years. How long is the period of deferral?
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