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You are about to retire, and you want to sell some stock and buy an annuity that will provide you with income of $100,000 per

You are about to retire, and you want to sell some stock and buy an annuity that will provide you with income of $100,000 per year for 30 years, beginning a year from today. The current market rate on such annuities is 7.5%. How much would it cost to buy such an annuity today?

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