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A contract can be fulfilled by making an immediate payment of $4010, or equal payments at the end of every year for 8 years. What

A contract can be fulfilled by making an immediate payment of $4010, or equal payments at the end of every year for 8 years. What is the size of the annual payments at 9% per annum compounded monthly? The annual payments are $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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