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Amortization Question: Catherine purchased an annuity that had an interest rate of 4.25% compounded semi-annually. It provided her with payments of $1,500 at the end
Amortization Question:
Catherine purchased an annuity that had an interest rate of 4.25% compounded semi-annually. It provided her with payments of $1,500 at the end of every month for 5 years. If the first withdrawal is to be made in 3 years and 1 month, how much did she pay for it? (Round to the nearest cent)
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