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Calculate the monthly payments you will be receiving

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Question - You make an investment of $60,000 today. The interest rate on the investment is 3.55% p.a. compounded semi-annually. The investment will pay you equal monthly payments at the end of the month, into perpetuity (i.e., forever). The investment has a mandatory wait period of six years before it begins the monthly payment phase. Calculate the monthly payments you will be receiving.

Reference no: EM133079998

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