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You have just retired at age 65 and you have $1 000 000 that you plan to use to buy an annuity. You believe that

You have just retired at age 65 and you have $1 000 000 that you plan to use to buy an annuity. You believe that you will leave to be 90 years old and therefore you purchase a term annuity for 25 years. If interest rates are 5%, annual, how much will your annual payments be?

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