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You are considering investing in an annuity contract to

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1. You are considering investing in an annuity contract to retire that will return $46,000 annually at the end of each year for 15 years. What amount should you put in the bank for this annuity now, if it earns a 5% return.

2. You want to buy a house $450,000 eight years from now. What is the amount you should invest now to achieve it, assuming interest rate is 6% per year?

Reference no: EM13574705

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