What was the purchase price of the annuity

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Catherine purchases a retirement annuity that will pay her $2,000 at the end of every six months for the first nine years and $900 at the end of every month for the next five years. The annuity earns interest at a rate of 5.4% compounded quarterly.

a. What was the purchase price of the annuity?

Round to the nearest cent.

b) How much interest did Catherine receive from the annuity?

(Round to the nearest cent)

Reference no: EM133076821

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