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1. Your grandfather is 70 years of age and has a life expectancy of 18 more years. He wishes to invest $15,000 in an annuity

1. Your grandfather is 70 years of age and has a life expectancy of 18 more years. He wishes to invest $15,000 in an annuity that will make a level payment at the end of each year until his death. If the expected interest rate is 7.5%, what income can your grandfather expect to receive each year? (round to the nearest whole dollar)

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