You deposit $7500 annually into a life insurance fund for the next 20 years, at...
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You deposit $7500 annually into a life insurance fund for the next 20 years, at which time you plan to retire. Instead of a lump sum, you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 21 if you assume an interest rate of 7 percent for the whole time period?
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