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    Annual benefits

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    A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the time of retirement you will have $73,425 to your credit in the plan. The plan anticipates earning 9% interest. Given the following information, how much will your annual benefits be?

    Present value of $1 PVIF = .18
    Future value of $1 FVIF = 5.6
    Present value of annuity PVIFA = 9.129
    Future value of annuity FVIFA = 51.16

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    Solution Preview

    Present value of $1 PVIF = .18
    Future value of $1 FVIF = 5.6
    Present value of ...

    Solution Summary

    This solution is comprised of a detailed explanation to find the annual benefits.

    $2.19

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