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What was the purchase price of the annuity

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Question - Joseph purchases a retirement annuity that will pay him $2,000 at the end of every six months for the first ten years and $900 at the end of every month for the next five years. The annuity earns interest at a rate of 2.2% compounded quarterly.

a. What was the purchase price of the annuity?

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

Reference no: EM133021174

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