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Q 2 8 ( Q 1 5 3 ) . Isaac wishes to purchase a 2 5 - year annuity providing monthly payments of $

28 (

153) .

Isaac wishes to purchase a

25 -

year annuity providing monthly payments of $

1000

for the first

15

years and $

1500

for the remaining

10

years. An insurance company has quoted him a rate of return of

4.8 %

compounded monthly for such an annuity. How much will he pay for the annuity?

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