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An annuity providing a rate of return of 6

Finance

An annuity providing a rate of return of 6.7% compounded monthly was purchased for $64,000. The annuity pays $590 at the end of each month. How much principal will be repaid in the fifth year? (Do not round the intermediate calculations. Round your answer to the nearest cent.)

 

Principal repaid in the fifth year         $ 

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