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How much would it cost to buy the annuity today

Problem:

Your uncle is about to retire, and he wants to buy an annuity that will provide him with $73,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?

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Finance Basics: How much would it cost to buy the annuity today

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Finance Basics: How much would it cost to buy the annuity today

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