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Tony Ring wants to attend Northeast College. He will need $70,000 4 years from today. Assume Tonys bank pays 12% interest compounded semiannually. What must

Tony Ring wants to attend Northeast College. He will need $70,000 4 years from today. Assume Tonys bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $70,000 in 4 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

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