Question: Stephen wants to determine the most she should pay to purchase an ordinary annuity. It consists of cash flows of $1,000 at the end of

Stephen wants to determine the most she should pay to purchase an ordinary annuity. It consists of cash flows of $1,000 at the end of each year for 10 years. He requires a minimum return of at least 10%.
a .$3,245
b .$6,145
c .$1,800
d .$9,000

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