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Problem 4. (17 pts) A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her

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Problem 4. (17 pts) A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her with an annuity immediate (the first payment begins at t=1) of $7,000 every year for 15 years upon her retirement at the age of 65. The company is funding this plan with an annuity-due ( the first payment begins at t-0) of 10 years. If the rate of interest is 5%, what is the amount of installment the company should pay

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