If $25,000 is used to purchase an annuity consisting of equal payments at the end of each year for the next 8 years and the interest rate is 5% compounded annually,find the amount of each payment.

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The Answer of If $25,000 is used to purchase an annuity consisting of equal payments at the end of each year for the next 8 years and the interest rate is 5% compounded annually,find the amount of each payment.

If $25,000 Is Used to Purchase an Annuity Consisting of Equal