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CIBC Bank USA is considering selling an ordinary annuity that makes equal quarterly payments of $150 at the end of every quarter for 9 years
CIBC Bank USA is considering selling an ordinary annuity that makes equal quarterly payments of $150
at the end of every quarter for 9 years with its first payment in one quarter from today. How much should
CIBC Bank USA charge for the annuity today if the interest rate is 5.44% per year with quarterly compounding?
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