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If $5000 Is Used to Purchase an Annuity Consisting of Equal

Question 151

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If $5000 is used to purchase an annuity consisting of equal payments at the end of each month for the next If $5000 is used to purchase an annuity consisting of equal payments at the end of each month for the next and the interest rate is 6% compounded monthly,find the amount of each payment.
and the interest rate is 6% compounded monthly,find the amount of each payment.

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