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What is the amount of the annuity purchase required if you wish to receive a fixed payment of $100,000 for 25 years? Assume that the

What is the amount of the annuity purchase required if you wish to receive a fixed payment of $100,000 for 25 years? Assume that the annuity will earn 6.85% per year.

The required payment is the present value of $100,000 per year for 25 years at 6.85%.

PV=

*need computation/formula used in Excel for answer.

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