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Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1 years, $17,000 due in 2 years, and $15,000 due

Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1 years, $17,000 due in 2 years, and $15,000 due in 4 years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made?

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