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Present Value of an Annuity Joe Hernandez has inherited G H 2 2 5 , 0 0 0 and wishes to purchase an annuity that

Present Value of an Annuity
Joe Hernandez has inherited GH225,000 and wishes to purchase an annuity that will provide him with a steady income over the next 12 years. He has heard that the local savings and loan association is currently paying 6 percent compound interest on an annual basis. If he were to deposit his funds, what year-end equal-cedi amount (to the nearest cedi) would he be able to withdraw annually such that he would have a zero balance after his last withdrawal 12 years from now?
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