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 annuity 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?

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