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Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.1 million and the annuity

Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.1 million and the annuity earns a guaranteed annual return of 12 percent. The payments are to begin at the end of five years.

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