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Noel has $300,000 with which to purchase an ordinary annuity delivering monthly payments for 20 years after a 10-year period of deferral. What monthly payment

Noel has $300,000 with which to purchase an ordinary annuity delivering monthly payments for 20 years after a 10-year period of deferral. What monthly payment will he receive, if the undistributed funds earn 5% compounded semiannually?

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