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Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 6%/year compounded monthly. If the

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 6%/year compounded monthly. If the future value of the annuity after 12 yr is $50,000, what was the size of each payment? (Round your answer to the nearest cent.)

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