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Renee buys a perpetuity paying $ 1 , 0 0 0 every two years, starting immediately. She deposits the payments into a savings account earning

Renee buys a perpetuity paying $1,000 every two years, starting immediately. She deposits the payments into a savings account earning interest at an effective annual interest rate of 3%. Ten years later, before receiving the sixth payment, Renee sells the perpetuity based on an effective annual interest rate of 3%. Using proceeds from the sale plus the money in the savings account, Renee purchases an annuity paying P at the end of every three years for thirty years at an annual effective interest rate of 3%. Find P. Do this problem twice, once using Chapter 3 methods and once using Section (4.2) techniques. (Round your answer to the nearest cent.)

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