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A company wants to have $50,000 at the beginning of each 6-month period for the next 4.5 years. If an annuity is set up for

A company wants to have $50,000 at the beginning of each 6-month period for the next 4.5 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.44%, compounded semiannually?

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