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A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her with an annuity immediate

A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her with an annuity immediate of $7,000 every year for 15 years upon her retirement at the age of 65. The company is funding this plan with an annuity-due of 10years. If the rate of interest is 5%, what is the amount of installment the

company should pay?

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