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Wants to buy an annuity

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Your father is about to retire, and he wants to buy an annuity that will provide him with $85,000 of income a year for 25 years, with the first payment coming IMMEDIATELY. The going rate on such annuities is 5.15%. How much would it cost him to buy the annuity today? SHOW YOUR CALCULATIONS TO EARN ANY CREDIT.

Reference no: EM131631859

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