Question: A contract can be fulfilled by making an immediate payment of $6342, or equal payments at the end of every year for 5 years. What

A contract can be fulfilled by making an immediate payment of $6342, or equal payments at the end of every year for 5 years. What is the size of the annual payments at 6% per annum compounded monthly?

The annual payments are $____

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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