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1. (3 marks) At age 65, a man takes his life savings of 600,000 and purchases a 20-year annuity with monthly payments. What is the

1. (3 marks) At age 65, a man takes his life savings of 600,000 and purchases a 20-year annuity with monthly payments. What is the monthly payment if the interest rate is 3% compounded daily

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