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Rachel purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first eleven years and $400 at
Rachel purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first eleven years and $400 at the end of every month for the next three years. The annuity earns interest at a rate of 4% compounded quarterly. a. What was the purchase price of the annuity? $0.00 Round to the nearest cent b. How much interest did Rachel receive from the annuity? $0.00 Round to the nearest cent
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