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A 25-year annuity is purchased for $650,000. Determine the payments it will deliver on a quarterly basis if the rate of interest is 5.05% compounded

A 25-year annuity is purchased for $650,000. Determine the payments it will deliver on a quarterly basis if the rate of interest is 5.05% compounded monthly.

	A. $10,554.66
	B. $11,004.66
	C. $11,504.66
	D. $12,004.66
	E. $12,554.66

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