A level perpetuity-immediate is to be shared by three charities providing medical research and a fourth charity providing assistance to children of veterans. For n years, the three research charities...

A level perpetuity-immediate is to be shared by three charities providing medical research and a fourth charity providing assistance to children of veterans. For n years, the three research charities will receive the payments equally. Thereafter, all the payments will go to the charity aiding children of veterans. It is reported that the present value of each of the charities' bequest is equal to a common amount when calculated with an annual effective interest rate of 12.25% 1) Find n? 2) If the interest rate is a more modest 6%, what proportion of the total bequest is directed to the charity aiding children of veterans? The answers are n=12, and 49.69694%

(1.1225) does not equal 12.