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Mei Willis would like to receive annuity payments of $2000 at the beginning of each quarter for seven years. The annuity term is to start

Mei Willis would like to receive annuity payments of $2000 at the beginning of each quarter for seven years. The annuity term is to start five years from now and interest is 5% compounded quarterly.

(i) How much must Mei invest today?

(ii) How much will Mei receive in total from the annuity? (iii) How much of what she receives will be interest?

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