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Your uncle is about to retire, and he wants to buy an annuity that will provide him with $ 9 2 , 0 0 0

Your uncle is about to retire, and he wants to buy an annuity that will provide him with $92,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 6.15%. How much would it cost him to buy the annuity today?
a. $1,134,502.36
b. $1,077,015.15
c. $1,068,772.83
d. $1,106,616.25
e. $1,042,502.36
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