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, when should this payment be made? (please put values that you would put into calculator for example: PMT= , C/Y= , P/Y = , N= , I/Y= PV= FV=

Kind of confused. Thanks