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16. Your father is about to retire, and he wants to buy an annuity that will provide him with $84,000 of income a year for

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16. Your father is about to retire, and he wants to buy an annuity that will provide him with $84,000 of income a year for 25 years, with the first payment coming immediately. The going rate on such annuities is 5.15%. How much would it cost him to buy the annuity today? a. $1,471,632.01 b. $981,088.00 c. $1,348,996.01 d. $1,226,360.01 e. $1,508,422.81

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