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Suppose that a pension fund manager knows that she will need $ 1 0 , 0 0 0 , 0 0 0 in 1 0
Suppose that a pension fund manager knows that she will need $ in years to satisfy a liability at that time. She believes that she can earn an annual return of compounded semiannually for the first years and compounded semiannually for the last years. How much does she need to invest today onetime investment to ensure that she has $ in years?
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