Business Math:

George purchased an annuity that provides payments of $4,500 at the end of every 3 months. The annuity is bought for $33,500 and payments are deferred for 12 years.If interest is 4.94% compounded monthly, for how long will payments be received?

Answer: 7.1647 I need help solving to get this answer

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Use the TI BA II calculator features (N, 1/Y, PV, PMT, FV, AMORT) to solve questions. Example: Question: Luxmi wants to celebrate the birth of her first grandson by investing money for his future education. She estimates the annual cost of postsecondary education today to be $6,000 per year, and that the typical degree takes four years. She wants to invest a lump sum today that could sustain these payments with inflation starting 18 years from today. If annual inflation is 3.7%, and her investment can earn 6.6% compounded monthly, what amount does she need to invest today Answer: P/Y = 1, 1/Y = 3.7, N = 18, PV = 22974.07, PMT = 0, CPT FV = $44,183.04 P/Y = 1, C/Y = 12, 1/4 = 6.6, PMT = 0, FV = 44183.094, CPT PV = $13,512.23