Lucy purchases a retirement annuity that will pay her $1,500 at the end of every six...
Lucy purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first eight years and $700 at the end of every month for the next five years. The annuity earns interest at a rate of 3.9% compounded quarterly.
a. What was the purchase price of the annuity?
Round to the nearest cent
b. How much interest did Lucy receive from the annuity?
Round to the nearest cent
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Lucy purchases a retirement annuity that will pay her $1,500 at
the end of every six...
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