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2. JD's parents want to set up an annuity to help him with his college expenses. The annuity will allow JD to withdraw $300 every

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2. JD's parents want to set up an annuity to help him with his college expenses. The annuity will allow JD to withdraw $300 every month for 4 years. The annuity earns 3.5% per year compounded monthly. a. What principal should JD's parents invest now to pay for the annuity? [4]

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