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Suppose you invest $290,000 in an annuity that returns constant annual payments over 7 years, with the first payment one year from now. At an interest rate of 11%, how much is the annual payment you

Suppose you invest $290,000 in an annuity that returns constant annual payments over 7 years, with the first payment one year from now. At an interest rate of 11%, how much is the annual payment you receive? Equivalent problem structure (as a borrower): Suppose you borrow $290,000 to be paid back in constant annual payments over 7 years with the first payment one year from now. At an interest rate of 11%, how much is the annual payment? Please round your answer to the nearest hundredth.

Apr 21 2021 View more View Less

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