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Jenna purchases a retirement annuity that will pay her $1,000 at the end of every six months for the first eight years and $100 at
Jenna purchases a retirement annuity that will pay her $1,000 at the end of every six months for the first eight years and $100 at the end of every month for the next five years. The annuity earns interest at a rate of 3.1% compounded quarterly.
1. What was the purchase price of the annuity
2. How much interest did Jenna receive from the annuity
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