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Amanda purchases a retirement annuity that will pay her $2,500 at the end of every six months for the first nine years and $700 at

Amanda purchases a retirement annuity that will pay her $2,500 at the end of every six months for the first nine years and $700 at the end of every month for the next six years. The annuity earns interest at a rate of 4% compounded quarterly.

a. What was the purchase price of the annuity?

b. How much interest did Amanda receive from the annuity?

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