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Question 8 6 pts Because your mother is about to retire, she wants to buy an annuity that will provide her with $ 3 5

Question

8

6

pts

Because your mother is about to retire, she wants to buy an annuity that will provide her with $

35, 000

of income quarterly for

25

years, with the first payment coming immediately. The going rate on such annuities is

4.25 % .

How much would it cost her to buy the annuity today?

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