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Today, you are purchasing a 15-year, 8.5 percent annuity at a cost of $36,500. The annuity will pay annual payments starting one year from today.

Today, you are purchasing a 15-year, 8.5 percent annuity at a cost of $36,500. The annuity will pay annual payments starting one year from today. What is the amount of each payment? O a. $4,227.71 O b. $4,395.35 O c. $3,881.88 O d. $3,220.91 O e. $4,177.59

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