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(2 points) (Exercise 5.25) An investor buys an annuity with payments of principal and interest of $400 per quarter for 12 years. Interest is at

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(2 points) (Exercise 5.25) An investor buys an annuity with payments of principal and interest of $400 per quarter for 12 years. Interest is at the effective rate of 7% per annum. How much interest does the investor receive in total over the 12-year period? ANSWER =$ 6282.48

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