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Anannuity providing a rate of return of 4.8% compounded monthly waspurchased for $45,000. The annuity pays $400 at the end of eachmonth. How much principal

Anannuity providing a rate of return of 4.8% compounded monthly waspurchased for $45,000. The annuity pays $400 at the end of eachmonth. How much principal will be repaid in the fifthyear? 2 answers

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