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Best Motors has hired Robert Trent as its new president. Terms included the companys agreeing to pay retirement benefits of $17,900 at the end of

Best Motors has hired Robert Trent as its new president. Terms included the company’s agreeing to pay retirement benefits of $17,900 at the end of each semiannual period for 12 years. This will begin in 4,015 days. If the money can be invested at 8% compounded semiannually, what must the company deposit today to fulfill its obligation to Robert?

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