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Ed Long promised to pay his son $ 3 2 0 semiannually for 1 2 years. Assume Ed can invest his money at 6 %

Ed Long promised to pay his son $320 semiannually for 12 years.
Assume Ed can invest his money at 6% in an ordinary annuity. How
much must Ed invest today to pay his son $320 semiannually for 12
years? (Do not round intermediate calculations. Round your answer
to the nearest cent.

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