A man received a separation payment of $98 000.00 at age 56. He invested that sum of money at 8.5% compounded semi-annually until he was 65. At that time he converted the existing balance into an ordinary annuity paying $6150.00 every 6 months, with interest at 5% compounded semi-annually. How many payments will be made?

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The Answer of A man received a separation payment of $98 000.00 at age 56. He invested that sum of money at 8.5% compounded semi-annually until he was 65. At that time he converted the existing balance into an ordinary annuity paying $6150.00 every 6 months, with interest at 5% compounded semi-annually. How many payments will be made?

A Man Received a Separation Payment of $98 000