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Patrick purchases a 30-year annuity for 100,000 which pays him a monthly amount of X. He receives his first payment one month from the date
Patrick purchases a 30-year annuity for 100,000 which pays him a monthly amount of X. He receives his first payment one month from the date of purchase. The nominal interest rate is 6.03% compounded quarterly. If Patrick instead had used the 100,000 to purchase a 25-year annuity, then he would have received X+Y each month. Find Y
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