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Phil purchases a segregated fund contract for $100,000. The contract provides 77% guarantee. Phil's contract...

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Finance

Phil purchases a segregated fund contract for $100,000. The contract provides 77% guarantee. Phil's contract allows him to reset once a year, and he takes advantage of that when the market value of his contract has increased by 9%. Upon maturity, the market value of his contract is $55814. What is the value of Phil's guarantee?

Please provide your answer to 0 decimal places (e.g. enter 1234.56 as 1235)

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