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Instead of receiving an inheritance, assume you have an investment that provides the following cash flows: $ 5 , 0 0 0 in year 1

Instead of receiving an inheritance, assume you have an investment that provides the following cash flows: $5,000 in year 1; $7,000 in year 2; $8,000 in year 3; $3,000 in years 4-6. If you sold this investment today and deposited the proceeds to help with your annuity purchase, what would your monthly payments be? Assume required returns on this type of investment are 3%(i.e. the interest rate is 3%).

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