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A trust fund for a 9-year-old child is being set up by a single payment so that at age 21 the child will receive $22,000.
A trust fund for a 9-year-old child is being set up by a single payment so that at age 21 the child will receive $22,000. Find how much the payment is if an interest rate of 8% compounded semiannually is assumed. The payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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