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You wish to invest $ 1 7 5 , 0 0 0 in a 1 2 - year annuity. Current yields over the same time

You wish to invest $

175, 000

in a

12 -

year annuity. Current yields over the same time to maturity are

8

percent.

What could you expect as an annual payment?

(

Use a Financial calculator to arrive at the answers. Round the final answer to

2

decimal places.

)

Annual payment

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