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Life expectancy for both employees is 15 years at age 65. If the rm buys an annuity from an insurance company to fund each pension

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Life expectancy for both employees is 15 years at age 65. If the rm buys an annuity from an insurance company to fund each pension and the insurance company asserts it is able to earn 9 percent on the funds invested in the annuity, what is the cost or the amount required to purchase the annuity contracts? (8 points)

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