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

Suppose payments will be made for9 1/4 years at the end of each month into an ordinary annuity earning interest at the rate of3.25%/year compounded monthly. If the present value of the annuity is$49,000, what should be the size of each payment? (Round your answer to the nearest cent.)

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