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Ed Long promised to pay his son $450 semiannually for 10 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 $450 semiannually for 10 years. Assume Ed can invest his money at 4% in an ordinary annuity, How much must Ed invest today to pay his son $450 semlannually for 10 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

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