Graham purchased a business by agreeing to make three payments of $12,000.00 each in 2 months, 7 months, and 10

months. Because of cash flow difficulties, he renegotiated the payment schedule so that he would pay $15,200.00 in 4 months, $11,000.00 in 15 months, and a third payment of$11,000.00. In how many years should he make the third payment if interest is 8% compounded monthly? State your answer in years and months (from 0 to 11 months).

The payment of $11,000.00 can be fulfilled in year(s) ____month(s)______.

(Round down to the nearest month.)