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5. [3 marks] An employer wants to pay $400 every 6 months to a deserving employee forever. The company has $A to fund the award

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5. [3 marks] An employer wants to pay $400 every 6 months to a deserving employee forever. The company has $A to fund the award and can earn i(2) = 8%. If the first award is to be paid out 3 months from now, what is A? (Answer to nearest dollar)

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