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Manuel spends 50,000 to buy a 24-payment annuity, which pays K at the end of...

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Manuel spends 50,000 to buy a 24-payment annuity, which pays K at the end of each month. The nominal annual interest rate for this annuity is 12% com- pounded monthly. Manuel invests each of these payments, as he receives them, immediately into a savings account that pays an effective interest of 2% per month. What is the accumulated amount in Manuel's savings account at the end of 24 months

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