Question: Suppose payments will be made for 7 1 4 years at the end of each month from an ordinary annuity earning interest at the rate

Suppose payments will be made for

years at the end of each month from an ordinary annuity earning interest at the rate of 5.75%/year compounded monthly. If the present value of the annuity is $48,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.) $

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