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​Suppose payments will be made for 7¼ years at the end of each month


Suppose payments will be made for 7¼ years at the end of each month from an ordinary annuity earning interest at the rate of 4.25%/Year compounded monthly. If the present value of the annuity is $44,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.) 

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