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An employee's compensation includes an annuity with 9 annual payments that pays $95,000 at retirement, with each subsequent payment growing by 5%. The firm's policy

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An employee's compensation includes an annuity with 9 annual payments that pays $95,000 at retirement, with each subsequent payment growing by 5%. The firm's policy is to pre-fund such annuities one year before retirement. At an interest rate of 7%, how much would the firm need to invest

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