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Today is the beginning of the year. You just purchased a 30-year annuity at a cost of $400,000. The annuity will pay an interest rate

Today is the beginning of the year. You just purchased a 30-year annuity at a cost of $400,000. The annuity will pay an interest rate of 6 percent a year compounded annually and make equal annual payments at the end of each of the next 30 years. What is the amount of each payment?

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