Peter wins a lottery that pays to the holder a monthly annuity in the amount of $820 per month for 180 consecutive months. Peter is told by lottery officials that he will receive his first check in one month, and all subsequent checks at the end of each month thereafter. Peter doesn't need the money and so he arranges to sign over all the lottery payments amounts to an insurance company that will invest all these monthly amounts in his name at a guaranteed annual interest rate of 3.00%. How much will Peter have accumulated at the time the last lottery payment is made?
Peter wins a lottery that pays to the holder a monthly
$_______________ Place your answer to the nearest dollar without a dollar sign or a comma. For example, if your answer is 3 thousand 4 hundred and two dollars and 83 cents, then type 3403.
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