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To help out with her retirement savings, Linda invests in an ordinary annuity that earns 3.6% interest, compounded quarterly. Payments will be made at the
To help out with her retirement savings, Linda invests in an ordinary annuity that earns 3.6% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money does she need to pay into the annuity each quarter for the annuity to have a total value of $98,000 after 19 years?
To help out with her retirement savings, Linda invests in an ordinary annuity that earns 3.6% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money does she need to pay into the annuity each quarter for the annuity to have a total value of $98,000 after 19 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. 3Step by Step Solution
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