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Cheryl Wilcox is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payout of

Cheryl Wilcox is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payout of $1,900 per month for twenty years.

(a) How much money must she deposit if her money earns 8% interest compounded monthly? (b) Find the total amount that Cheryl will receive from her payout annuity.

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