A retiree is planning to buy an annuity that will pay him $60,000 a year...
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A retiree is planning to buy an annuity that will pay him $60,000 a year for 20 years, starting a year from now. At the end of 20 years, the annuity will be worth $0. If the interest rate he earns on the annuity is 3.25%, how much would he have to pay for the annuity? $1,000,000 $872,361 $901.655 $848.032 o $777.777
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