Melanie purchased an annuity that had an interest rate of


Melanie purchased an annuity that had an interest rate of 3.00% compounded semi-annually. It provided her with payments of $2,500 at the end of every month for 3 years. If the annuity was deferred for 4 years, how much did she pay for it?

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Financial Management: Melanie purchased an annuity that had an interest rate of
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