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jeff and sarah want an ordinary annuity to pay their daughters 1,000 monthly for three years and nine months for the duration of her educational

jeff and sarah want an ordinary annuity to pay their daughters 1,000 monthly for three years and nine months for the duration of her educational studies starting august 1, 2024. what lump sum amount do they need to invest on august 1, 2014 if the deferred annuity can earn 6.6% compounded monthly during the accumulation stage and 4% compounded quarterly during the income payments stage

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