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Stephen purchased an annuity that had an interest rate of 2.50% compounded semi-annually. It provided him with payments of $1,000 at the end of every

Stephen purchased an annuity that had an interest rate of 2.50% compounded semi-annually. It provided him with payments of $1,000 at the end of every month for 4 years. If the first withdrawal is to be made in 3 years and 1 month, how much did he pay for it?

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