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What was the purchase price of the annuity

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Garrett purchases a retirement annuity that will pay him $3,000 at the end of every six months for the first ten years and $300 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?

b. How much interest did Garrett receive from the annuity?

Reference no: EM133268724

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