Detailed explanation to annuity

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You have the option of extending your annuity another 10 years. If you pay more money today, you can continue to recieve $1,500 per year for another 10 years. How much more should you be willing to pay to extend the annuity?

(original annuity was 10 year that promises to pay $1500 at the end of the next ten years at 8.4%)

Reference no: EM1329741

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