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As a CFO of a company, you are asked by the company's board to make semiannual payments of $ 9 0 0 for 1 1

As a CFO of a company, you are asked by the company's board to make semiannual

payments of $

900

for

11

years to a computer firm for computer maintenance. How much

money do you need to deposit into an interest bearing account paying

4.7 %

compounded

semiannually so that you can make all the $

900

payments over this

11

year period?

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