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If $12,000 is used to purchase an annuity consisting of equal payments at the end of every six months for the next 7 years and

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If $12,000 is used to purchase an annuity consisting of equal payments at the end of every six months for the next 7 years and the interest rate is 6.2% compounded semiannually, find the amount of each payment. (Round your answer to nearest Dollar) $1,081 b) $1,141 $1,045 $1,070 $1,017

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