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Justin purchases a retirement annuity that will pay him $2,500 at the end of every six months for the first ten years and $100 at

Justin purchases a retirement annuity that will pay him $2,500 at the end of every six months for the first ten years and $100 at the end of every month for the next five years. The annuity earns interest at a rate of 4.2% compounded quarterly.

a. What was the purchase price of the annuity?

b. How much interest did Justin receive from the annuity?

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