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Professor Pal purchased a deferred annuity with a single payment today of $50,000. After four years, Professor Pal will receive a payment at the end

Professor Pal purchased a deferred annuity with a single payment today of $50,000. After four years, Professor Pal will receive a payment at the end of every year for ten years. Find the size of the annual payment if the interest rate on the annuity is 12% compounded annually.

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