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( 9 ) An equities firm is offering a ten year ordinary annuity with a guaranteed rate of 5 . 1 2 % interest compounded

(9)

An equities firm is offering a ten year ordinary annuity with a guaranteed rate of

5.12 %

interest compounded annually. How much should you pay for one of these annuities if you want to receive a $

2000

annual payment from the account over the ten year period?

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