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Your aucle is about to retire, and she wants to sell some of her stock and buy an annuity that will provide her with an

Your aucle is about to retire, and she wants to sell some of her stock and buy an annuity that will provide her with an income of $45,000 per year for 23 years, beginning a year from today. The going rate on such annuities is 3%. How much would it cost her to buy such an annuity today?

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