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20. You are purchasing a 20 -year, 6 percent annuity at a cost of $70,000. The annuity will pay annual payments at the end of

20. You are purchasing a 20 -year, 6 percent annuity at a cost of $70,000. The annuity will pay annual payments at the end of each year. What is the amount of each payment? A. $6,102.92 B. $6,175.24 C. $6,607.50 D. $224,499.48 E. None of the above

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