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When Sarah James husband died, she became the beneficiary of a $100,000 life insurance policy. Instead of taking the money in a lump sum, she

When Sarah James husband died, she became the beneficiary of a $100,000 life insurance policy. Instead of taking the money in a lump sum, she elects to receive a monthly stipend over a period of 20 years. If the insurance company pays interest at the rate of 6% compounded monthly, what will her monthly income be? 


 

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