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Seamus has paid $16,000 for a retirement annuity from which he will receive $1,641 at the end of every three months. The payments are deferred
Seamus has paid $16,000 for a retirement annuity from which he will receive $1,641 at the end of every three months. The payments are deferred for 13 years and interest is 5% compounded quarterly (a) How many payments will Seamus receive? (b) What is the size of the final payment? (c) How much will Seamus receive in total? (d) How much of what he receives will be interest? (a) Seamus will receive payments. (Round up to the nearest whole number.)
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