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Carol and John shared equally an inheritance. Using his inheritance, John immediately bough a 10-year annuity due with an annual payment of 2500 each and
Carol and John shared equally an inheritance. Using his inheritance, John immediately bough a 10-year annuity due with an annual payment of 2500 each and with an annual effective interest rate of 8%. Carol put her inheritance in an investment fund earning an annual effective interest rate of 9%. Two years later, Carol bought a 15-year annuity immediate with annual payment of Z and with an annual effective rate of 8%. Calculate Z
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