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An annuity with a cash value of $ 1 4 , 0 0 0 earns 6 % compounded semi - annually. End - of -

An annuity with a cash value of $14,000 earns 6% compounded semi-annually. End-of-period semi-annual payments are deferred for five years, and then continue for eight years. How much is the amount of each payment?

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