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Donny has paid $19,000 for a retirement annuity from which he will receive $1,576 at the end of every month. The payments are deferred for
Donny has paid $19,000 for a retirement annuity from which he will receive $1,576 at the end of every month. The payments are deferred for 15 years and interest is 6% compounded monthly. (a) How many payments will Donny receive? (b) What is the size of the final payment? (c) How much will Donny receive in total? (d) How much of what he receives will be interest? (a) Donny will receive payments. (Round up to the nearest whole number.)
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