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8. Your Uncle is about to retire, and he wants to buy an annuity that will provide him with $85,000 of income a year for

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8. Your Uncle is about to retire, and he wants to buy an annuity that will provide him with $85,000 of income a year for 25 years, with the first payment coming immediately. The going rate on such annuities is 15%. How much would it cost him to buy the annuity today? * a. $1,063,968 b. $1,119,966 c. $1,178,912 d. $1,240,960 O e. None of the above

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