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George purchases a retirement annuity that will pay him $3,000 at the end of every six months for the first eight years and $400 at

George purchases a retirement annuity that will pay him $3,000 at the end of every six months for the first eight years and $400 at the end of every month for the next five years. The annuity earns interest at a rate of 2.3% compounded quarterly.

a. What was the purchase price of the annuity?

b. How much interest did George receive from the annuity?

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