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Your mom has reached retirement age and received a lump sum from NIB under the Special Early Retirement Fund (SERF). She would like an annual

Your mom has reached retirement age and received a lump sum from NIB under the Special Early Retirement Fund (SERF). She would like an annual income of $90,000 at the end of each year for the next twenty years. How much should she invest in order to receive this income if the interest rate is 12% compounded semi-annually

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