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American General offers a 12-year annuity with a guaranteed rate of 7 22% compounded annually. How much should you pay for one of these annuities

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American General offers a 12-year annuity with a guaranteed rate of 7 22% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $600 annually over the 12 year period? How much should a customer pay for this annuity? (Round to the nearest cent)

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