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What is the amount of each annuity payment

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Reference no: EM132814474

Question - If a 4-year ordinary annuity has a present value of $5,000 and if the annual interest rate is 7%, what is the amount of each annuity payment?

a. $3,814.48

b. $1,476.14

c. $1,126.14

d. $1,500

Reference no: EM132814474

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