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Jim deposits $14.9,000 annually into a life insurance fund for the next 6 years, at which time he plans to retire. Instead of a lump

Jim deposits $14.9,000 annually into a life insurance fund for the next 6 years, at which time he plans to retire. Instead of a lump sum, Jim wishes to receive annuities for the next 23 years. What is the annual payment he expects to receive beginning the year he retires if he assumes an interest rate of 8.1 percent for the whole time period?

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