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Gary Has Determined He Wants an Annuity Paying $10,000 a Year

Question 1

Multiple Choice

Gary has determined he wants an annuity paying $10,000 a year for 10 years,with the first payment payable on his 60th birthday.If j1 = 8%,what single deposit must he make on his 40th birthday to fund this annuity?


A) $13,329.96
B) $14,396.36
C) $15,548.07
D) $16,791.91

Correct Answer:

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