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Your uncle is about to retire, and he wants to buy an annuity that will provide him with $70,000 of income a year for 18

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Your uncle is about to retire, and he wants to buy an annuity that will provide him with $70,000 of income a year for 18 years, with the first payment coming immediately. The going rate on such annuities is 5.45%. How much would it cost him to buy the annuity today

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