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Mr. Rice who has $300 000 in his pension fund at the time of his retirement. The pension fund earns 7.00% interest of compounded annually.

Mr. Rice who has $300 000 in his pension fund at the time of his retirement. The pension fund earns 7.00% interest of compounded annually. Mr. Rice chooses to exhaust the fund in 15 years. How much are his annual payments if they start at the end of the month?

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