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please show your work neatly 2. You have inherited $25,000 and wish to purchase an ordinary annuity that will provide you with a steady income
please show your work neatly
2. You have inherited $25,000 and wish to purchase an ordinary annuity that will provide you with a steady income over the next 12 years. You have heard that the local savings and loan association is currently paying 6% compound interest on an annual basis. If you were to deposit your funds, what year-end equal-dollar amount would you be able to withdraw annually such that you would have a zero balance after your last withdrawal 12 years from now? [10 pts]Step by Step Solution
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