For $30,000, Manny purchased a deferred annuity from an insurance company that will pay him quarterly payments of $1076.71 for 12½ years. The payments are based upon the purchase amount earning 7% compounded quarterly. When will Manny receive the first payment?

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The Answer of For $30,000, Manny purchased a deferred annuity from an insurance company that will pay him quarterly payments of $1076.71 for 12½ years. The payments are based upon the purchase amount earning 7% compounded quarterly. When will Manny receive the first payment?

For $30,000, Manny Purchased a Deferred Annuity from an Insurance