# Retirement annuity

How much will it cost to purchase a two-level retirement annuity that will pay $2000 at the end of every month for the first 10 years, and$3000 per month for the next 15 years? Assume that the payment represent a rate of return to the person receiving the payments of 7.6% compounded quarterly.

Correct result:

x =  430245.06 USD

#### Solution:

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