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An annuity providing a rate of return of 6 . 7 % compounded monthly was purchased for $ 6 4 , 0 0 0 .

An annuity providing a rate of return of 6.7% compounded monthly was purchased for $64,000. The annuity pays $590 at the end of each month. How much principal will be repaid in the fifth year? (Do not round the intermediate calculations. Round your answer to the nearest cent.)

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