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PLEASE SOLVE 10. Leo has accumulated $400,000.00 in his RRSP and is going to purchase a 30-year annuity from which he will receive month-end payments.

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PLEASE SOLVE

10. Leo has accumulated $400,000.00 in his RRSP and is going to purchase a 30-year annuity from which he will receive month-end payments. The money used to purchase the annuity will earn 6% compounded monthly. If payments grow by 3% compounded monthly, what will be the initial payment

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