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4, Ed Long promised to pay his son $400 semiannually for 12 years. Assume Ed can invest his money at 6% in an ordinary annuity.

4, Ed Long promised to pay his son $400 semiannually for 12 years. Assume Ed can invest his money at 6% in an ordinary annuity. Ed must invest $today to pay his son $400 semiannually for 12 years

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