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Isaac wishes to purchase a 25-year annuity providing monthly payments of $1000 for the first 15 years and $1500 for the remaining 10 years. An
Isaac wishes to purchase a 25-year annuity providing monthly payments of $1000 for the first 15 years and $1500 for the remaining 10 years. An insurance company has quoted him a rate of return of 4.8% compounded monthly for such an annuity. How much will he pay for the annuity? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Present value $
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