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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? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
