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2. Robinson Manufacturing knows that it will need to purchase a new machine for their production line in 4 years. The anticipated cost of the

2. Robinson Manufacturing knows that it will need to purchase a new machine for their production line in 4 years. The anticipated cost of the new machine in 4 years is $12,000. In order to accumulate enough to pay for the machine, Robinson decides to deposit a sum of money at the end of each 6 months in an account which pays 6% compounded semiannually. How much should each payment be?

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