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Roger Baker has accumulated $600,000 in his RRSP and is going to purchase a 25-year annuity from which he will receive month-end payments. The money

Roger Baker has accumulated $600,000 in his RRSP and is going to purchase a 25-year annuity from which he will receive month-end payments. The money used to purchase the annuity will earn 4.8% compounded monthly. If payments grow by 2.4% compounded monthly, what will be the initial payment?

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