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# $10,000 is used to purchase an appropriate size annuity that has level annual payments for 14 years. The price of the annuity is based on an...

$10,000 is used to purchase an appropriate size annuity that has level annual payments for 14 years. The price of the annuity is based on an effective annual rate of 10.6%. As each payment is received, it is put into a fund that earns an effective annual rate of 5.8%.