What was the purchase price of the annuity

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Reference no: EM133379897

Question: Laura purchases a retirement annuity that will pay her $2,500 at the end of every six months for the first eight years and $700 at the end of every month for the next seven years. The annuity earns interest at a rate of 2.4% compounded quarterly.

a. What was the purchase price of the annuity?

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

Reference no: EM133379897

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