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Question
You start an annuity with $1million and expect to receive 12 equal payments beginning at the end of the first year. The guaranteed annual interest rate is 6 percent. The annual payments that you expect to collect are
A. $88,333.33.
B. $119,277.03.
C. $59,638.51.
D. $56,262.75.
E. $112,525.50.
Answer
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