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Juan wishes to buy an annuity that would pay him pay him $ 8 , 0 0 0 / year for 2 0 years starting

Juan wishes to buy an annuity that would pay him pay him $

8, 000 /

year for

20

years starting

15

years from now. The going interest rate is currently

9 % .

What will Juan need to pay for this annuity?

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