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Ed Long promised to pay his son $350 semiannually for 12 years. Assume Ed can invest his money at 4% in an ordinary annuity. How

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Ed Long promised to pay his son $350 semiannually for 12 years. Assume Ed can invest his money at 4% in an ordinary annuity. How much must Ed invest today to pay his son $350 semiannually for 12 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

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