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Parents wishing to save money for their child's education, purchased an insurance policy that will yield $20,000 15 years from now. The parents must pay

Parents wishing to save money for their child's education, purchased an insurance policy that will yield $20,000 15 years from now. The parents must pay $1,000 per year starting

1 year from now. Calculate the rate of return on this investment if compounded semi- annually.

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