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Suppose you invest $ 2 6 0 , 0 0 0 in an annuity that returns constant annual payments over 6 years, with the first

Suppose you invest $

260, 000

in an annuity that returns constant annual payments over

6

years, with the first payment one year from now. At an interest rate of

8 %,

how much is the annual payment you receive?

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