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Sam pays $10,000 now to purchase a special deferred perpetuity-due. The perpetuity-due has monthly payments. Each payment is $100 for the first five years and

Sam pays $10,000 now to purchase a special deferred perpetuity-due. The perpetuity-due has monthly payments. Each payment is $100 for the first five years and then decreases to $50 thereafter. Given that the annual effective interest rate is 5%, calculate the deferral period.

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