Question: Carol and John shared equally in an inheritance. Using his share, John immediately bought a 10-year annuity-due with an annual payment of $2,500 each. Using

Carol and John shared equally in an inheritance. Using his share, John immediately bought a 10-year annuity-due with an annual payment of $2,500 each. Using her share, Carol bought a 15-year annuity with an annual payment of Z, with the first payment in 3 years. The present value of both annuities was determined using an annual effective interest rate of 8%. Calculate Z.

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