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6. John purchases an annuity-due for 90,000. The annuity's payments will be made annually for 20 years, and were calculated using an annual effective rate
6. John purchases an annuity-due for 90,000. The annuity's payments will be made annually for 20 years, and were calculated using an annual effective rate of interest of 4%. As a customer bonus, immediately after the 9th payment, the company changes the annual effective interest rate to 5% for the purposes of calculating John's future payments. Calculate the resulting increase in John's payment. foonb 3 rent period for 18 years
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