Question: Anurag receives an annuity that pays $200 at the end of each month. He wishes to replace it with an annuity that has the same

Anurag receives an annuity that pays $200 at the end of each month. He wishes to replace it with an annuity that has the same term and has only one payment each year, and that payment should be at the beginning of the year. How much should the payments be if the exchange is based on a nominal discount rate of 8% payable quarterly?

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