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3. A sum of RM5,000 has been used to purchase an annuity that requires periodic payment at every quarter-end for 3 years. The rate of

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3. A sum of RM5,000 has been used to purchase an annuity that requires periodic payment at every quarter-end for 3 years. The rate of interest is 6% compounded quarterly. (a) How much is the payment to be made at the end of every quarter? (b) Calculate the interest charged on the annuity

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