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Ed Long promised to pay his son $ 3 8 0 semiannually for 1 2 years. Assume Ed can invest his money at 6 %

Ed Long promised to pay his son $

380

semiannually for

12

years. Assume Ed can invest his money at

6 %

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

380

semiannually for

12

years?

(

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

)

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