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2. Timothy wishes to buy an immediate annuity that offers a fixed interest rate of 7%. He wants to receive a cash flow of $5,000

2. Timothy wishes to buy an immediate annuity that offers a fixed interest rate of 7%. He wants to receive a cash flow of $5,000 per month for the next 30months . How much money does he need to put into an annuity to generate this cash flow?

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