What sum of money should be set aside on a child's birth to provide 8 semi-annual payments
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Question:
What sum of money should be set aside on a child's birth to provide 8 semi-annual payments of $1500 to cover expenses for university education if the first payment is to be made on the child's 19'th birthday? The fund will earn interest at 12% compounded semiannually.
Expert Answer:
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