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2. On January 1, 2020, Razvan spends $10,000 to buy an annuity for his son, which will pay $800 twice a year, starting July 1,

2. On January 1, 2020, Razvan spends $10,000 to buy an annuity for his son, which will pay $800 twice a year, starting July 1, 2020, and continuing until the last payment is made January 1, 2028. Use the TVM worksheet to determine what the interest rate for each six-month period is, and check in the annuity formula that it is correct.

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