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Salem plans to deposit $2,200 every six months for 15 years to save for his son's higher education. The rate of return will be 4%

Salem plans to deposit $2,200 every six months for 15 years to save for his son's higher education. The rate of return will be 4% compounded semi-annually for the first five years and 8% compounded semi-annually for the subsequent ten years.

Calculate the future value of this simple annuity, if he stops making payments after five years.

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