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Ed Long promised to pay his son $ 3 7 0 semiannually for 1 1 years. Assume Ed can invest his money at 4 %

Ed Long promised to pay his son $

370

semiannually for

11

years. Assume Ed can invest his money at

4 %

in an ordinary annuity. How much must Ed invest today to pay his son $

370

semiannually for

11

years?

(

Do not round intermediate calculations. Round your answer to the nearest cent.

)

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