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. A company wants to accumulate $1 00 000 to purchase replacement machinery 8 years from now. To accomplish this, equal semiannual payments are made

. A company wants to accumulate $1 00 000 to purchase replacement machinery 8 years from now. To accomplish this, equal semiannual payments are made to a fund that earns 7 percent compounded semiannually. Find the amount of each and total payment.

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