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An annuity with a cash value of $14,000 earns 5% compounded semi-annually. End-of-period semi-annual payments are deferred for seven years, and then continue for eight

An annuity with a cash value of

$14,000

earns

compounded semi-annually. End-of-period semi-annual payments are deferred for

seven

years, and then continue for

eight

years. How much is the amount of each payment?

Each payment is _$

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