Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places

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Franklin owes the following
amounts to the same person:
$16,000 due today, $11,500 due
in 1¹ years, $17,000 due in 23
years, and $15,000 due in 414
years. He wants to make a single
payment of $56,500 instead.
Using an interest rate of 8%
compounded quarterly, in how
many months from today should
this payment be made? Round
answer to zero decimal places
Transcribed Image Text:Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1¹ years, $17,000 due in 23 years, and $15,000 due in 414 years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places
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