Question: Suppose payments will be made for 9 1 4 years at the end of each month from an ordinary annuity earning interest at the rate

Suppose payments will be made for 9 1 4 years at the end of each month from an ordinary annuity earning interest at the rate of 3.75%/year compounded monthly. If the present value of the annuity is $49,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)

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