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5. A life insurer owes $800,000 in 8 years. To fund this outflow the insurer wishes to buy strips that mature in 8 years. The

5. A life insurer owes $800,000 in 8 years. To fund this outflow the insurer wishes to buy strips that mature in 8 years. The strips have a $10,000 face value per strip and pay a 6% APR with semiannual compounding. How much must the insurer spend now to fully fund the outflow (to the nearest dollar)?

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