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Annette has just inherited $180,000. She invests this money at a rate of return of 5.87% per year compounded quarterly. After some period of time,

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Annette has just inherited $180,000. She invests this money at a rate of return of 5.87% per year compounded quarterly. After some period of time, she purchases an annuity that pays $3089 at the beginning of each month for 20 years. What monthly compounded rate of interest is equivalent to 5.87% compounded quarterly? Answer: Check

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