Find the period of deferral (in years) for the following information of an accumulation stage followed by a payments stage.

Accumulation stage: Present value=$78400; Nominal Interest rate=6.1% quarterly.

Payments stage: Annuity payment= $4,200 quarterly at end of period; Annuity term=12 years; Nominal interest rate=5.9% semi-annually.

a.

10

b.

6

c.

14

d.

28