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Gary has determined he wants an annuity paying $ 1 0 , 0 0 0 a year for 1 0 years, with the first payment

Gary has determined he wants an annuity paying $

10, 000

a year for

10

years, with the first payment payable on his

60

th birthday. If j

1 = 8 %,

what single deposit must he make on his

40

th birthday to fund this annuity?

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