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For the following ordinary annuity, determine the size of the periodic payment. Future value: - Present value: $11,500.00 Payment Period: 1 month Term of annuity:

For the following ordinary annuity, determine the size of the periodic payment.

Future value: -

Present value: $11,500.00

Payment Period: 1 month

Term of annuity: 16 years 9 months

Interest rate: 8.6%

Conversion Period: monthly

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