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Jennifer spends $65, 000 to buy an annuity, with 30 equal annual payments start- ing one year from now, under the effective annual interest rate
Jennifer spends $65, 000 to buy an annuity, with 30 equal annual payments start- ing one year from now, under the effective annual interest rate of 8%. As Jennifer receives each payment at the end of the year, she invests it in a savings account that receives 4% effective interest annually. Find the accumulated amount in Jennifers savings account at the end of the 30th year.
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