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A retirement plan guarantees to pay you or your estate a fixed amount for 25 years. At the time of retirement you will have $100,000

A retirement plan guarantees to pay you or your estate a fixed amount for 25 years. At the time of retirement you will have $100,000 to your credit in the plan. The plan anticipates earning 7% interest annually over the period you receive benefits. How much will your annual benefits be assuming the first payment occurs one year from your retirement date?

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