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Question(s) / Instruction(s):

A retirement plan guarantees to pay you or your estate a fixed amount for 20 years. At the time of retirement you will have $31,360 to your credit in the plan. The plan anticipates earning 9% interest annually over the period during which you receive benefits. How much will each of your annual benefits checks be, assuming that the first payment occurs 1 year from your retirement date ?



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