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Carl is the beneficiary of a $29,000 trust fund set up for him by his grandparents. Under the terms of the trust, he is to

Carl is the beneficiary of a $29,000 trust fund set up for him by his grandparents. Under the terms of the trust, he is to receive the money over a 7-year period in equal installments at the end of each year. If the fund earns interest at the rate of 5%/year compounded annually, what amount will he receive each year? (Round your answer to the nearest cent.)

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