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Sal buys two 20-year annuities-immediate for 1000 each. The first annuity makes annual payments and was priced at a 5.8% annual effective rate. The second
Sal buys two 20-year annuities-immediate for 1000 each. The first annuity makes annual payments and was priced at a 5.8% annual effective rate. The second annuity makes semi-annual payments ans was priced at 5.4% convertible semi-annually. Sal deposits all payments from the two annuities into an account that pays an annual effective interest rate of 6%. What is the balance in Sal's account at the end of 20 years? (A) 6170 (B) 6190 (C) 6210 (D) 6230 (E) 6250
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