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Ed Long promised to pay his son $440 semiannually for 11 years. Assume Ed can invest his money at 6% in an ordinary annuity. How

Ed Long promised to pay his son $440 semiannually for 11 years. Assume Ed can invest his money at 6% in an ordinary annuity. How much must Ed invest today to pay his son $440 semiannually for 11 years?

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