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James Magee is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of

James Magee is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1800 per month for 26 years. How much money must he deposit if his money earns 7% interest compounded monthly?

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