(a) How much money must be invested to provide John, aged 50, with monthly payments of 400 for life if ^50 = 16.5?

The first payment will occur in exactly one month.

(b) Repeat part

(a) if the payment is 1200 every three months, the first payment occurring in exactly three months.

(c) Repeat part

(a) if the first 400 payment occurs immediately.

(d) Can you solve part

(a) if the first payment occurs in exactly 13 months? If not, what additional information is required?