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Michael's grandmother left an estate valued at $742,000. He wants to create an annuity that will pay a fixed monthly amount for the next 20

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Michael's grandmother left an estate valued at $742,000. He wants to create an annuity that will pay a fixed monthly amount for the next 20 years. If he can get a 6% rate of return, find the monthly payout rounded to 2 decimal places (the nearest cent)

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