Question: Noel has $ 4 8 0 , 0 0 0 with which to purchase an ordinary annuity delivering monthly payments for 1 5 years after

Noel has $480,000 with which to purchase an ordinary annuity delivering monthly payments for 15 years after a 5-year period of deferral. What monthly payment will he receive, if the undistributed funds earn 6.8% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Monthly payment$

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