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your uncles is about to retire,and he wants to buy an annuity that will provide him with $62000 of income a year for 20 Years,

your uncles is about to retire,and he wants to buy an annuity that will provide him with $62000 of income a year for 20 Years, with the first payment coming immediately. The going rate on such annuites is 5.25%. How much would it cost him to buy the annuity?

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