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Problem regarding the annuity payment

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Annuity Payment

David is saving money to open an Indian food franchise. He needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that David make monthly investments, what annuity payment must David make to save $15,000?

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Reference no: EM131482766

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