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You have a chance to buy an annuity that pays $12800 at the end of each year for 3 years. you could earn 5.5% on your money in other investments with equal risk. what is the most you should pay for the annuity?

Annuity

An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...

Annuity

An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...