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Full solution please Lucy purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first eleven years
Full solution please
Lucy purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first eleven years and $700 at the end of every month for the next five years. The annuity earns interest at a rate of 4.2% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Lucy receive from the annuity? Round to the nearest centStep by Step Solution
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