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1. Your grandfather has an annuity that is worth $82585 today. It will give him monthly payments for 22 years. If the rate is 4.72%,

1. Your grandfather has an annuity that is worth $82585 today. It will give him monthly payments for 22 years. If the rate is 4.72%, what will be his monthly payment?

2. Your mother has an annuity that will give her monthly payments for 5 years. She tells you it is worth $147423 today. If her required return is 10.33%, what is the monthly payment?

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