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Ronald purchases a retirement annuity that will pay him $3,000 at the end of every six months for the first eleven years and $500 at

Ronald purchases a retirement annuity that will pay him $3,000 at the end of every six months for the first eleven years and $500 at the end of every month for the next seven years. The annuity earns interest at a rate of 4.6% compounded quarterly.

a. What was the purchase price of the annuity?

b. How much interest did Ronald receive from the annuity?

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