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A man leaves an estate of $1 million for his children which is invested at 7% pa. compounded semi-annually. At the time of his death,

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A man leaves an estate of $1 million for his children which is invested at 7% pa. compounded semi-annually. At the time of his death, he has two children aged 11 and 13. Each child is to receive an equal amount from the estate when they reach age 21. How much will each child get? [3 marks)

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