Fixed-payment annuity

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Reference no: EM131084185

Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is \$1 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of five years. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

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