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Your uncle is about to retire, and he wants to buy an annuity that will supplement his income by $65,000 per year for 25 years,

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Your uncle is about to retire, and he wants to buy an annuity that will supplement his income by $65,000 per year for 25 years, beginning a year from today. The going rate on such annuities is 7.25%. How much would it cost him to buy such an annuity today

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