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11. Mike is retiring and wants to set up a 25-year annuity with S140 000 of his savings. The annuity cams 7.7%/a compounded monthly a.

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11. Mike is retiring and wants to set up a 25-year annuity with S140 000 of his savings. The annuity cams 7.7%/a compounded monthly a. How much does Mike receive every month? b. How much interest did the annuity carn? I = Prt A+ - 4 = P(1+4)* ..(9-) (126 -NC R||1+ -1 R1-11+ A PV = i i

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