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Detailed solutions please Christine has inherited $1 million. She has decided to use her inheritance to purchase one of the following. a. A 30 year

Detailed solutions please

Christine has inherited $1 million. She has decided to use her inheritance to purchase one of the following.

a. A 30 year annuity immediate with annual payments of P ; or

b. A perpetuity due with quarterly payments of 19,607.84 .

Both options are based on the same interest rate.

Calculate P .

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