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Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity is $1.3 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of seven years. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

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Financial Management, Finance

Category:- Financial Management
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