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Geoff has paid $19,000 for a retirement annuity from which he will receive $2,155 at the end of every six months. The payments are deferred
Geoff has paid $19,000 for a retirement annuity from which he will receive $2,155 at the end of every six months. The payments are deferred for 11 years and interest is 6% compounded semi-annually. (a) How many payments will Geoff receive? (b) What is the size of the final payment? (c) How much will Geoff receive in total? (d) How much of what he receives will be interest?
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