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Sam has just turned 55years of age. He wants to purchase a perpetuity paying 10000 per year with the first payment due at the end
Sam has just turned 55years of age. He wants to purchase a perpetuity paying 10000 per year with the first payment due at the end of the year when he turns 56. He can purchase it by either a) paying 9000 per year at the end of each year until the year when he turns 65or b) paying K per year at the end of each year until and including the year when he turns 61. Calculate K
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