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Cynthia purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first eleven years and $100 at
Cynthia purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first eleven years and $100 at the end of every month for the next five years. The annuity earns interest at a rate of 2.6% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Cynthia receive from the annuity? (Alt + A) Round to the nearest cent Mary deposited $1,100 at the end of every month into an RRSP for 8 years. The interest rate earned was 3.50% compounded semi-annually for the first 4 years and changed to 3.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 8 years? Round to the nearest cent
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