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Anurag receives an annuity that pays $800 at the end of each month. He wishes to replace it with an annuity that has the same
Anurag receives an annuity that pays $800 at the end of each month. He wishes to replace it with an annuity that has the same term and has only one payment each year, and that payment should be at the beginning of the year. How much should the payments be if the exchange is based on a nominal discount rate of 9% payable quarterly? (Round your answer to the nearest cent.)
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