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What amount will be required to purchase, on an engineerss 40 th birthday, an annuity to provide him with 25 equal semiannual payments of $10,000

What amount will be required to purchase, on an engineerss 40 th birthday, an annuity to provide him with 25 equal semiannual payments of $10,000 each, the first to be received on his 60 th birthday, if nominal interest is 4% compounded semiannually?

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