Question: Word Problem 20-11 [LU 20-1 (2)] Ed Long promised to pay his son $370 semiannually for 11 years. Assume Ed can invest his money at

Word Problem 20-11 [LU 20-1 (2)] Ed Long promised to pay his son $370 semiannually for 11 years. Assume Ed can invest his money at 4% in an ordinary annuity. How much must Ed invest today to pay his son $370 semiannually for 11 years? (Do not round intermediate calculations. Round your answer to the nearest cent.) Present value

Ed Long promised to pay his son $370 semiannually for 11 years. Assume Ed can invest his money at 4% in an ordinary annuity. How much must Ed invest today to pay his son $370 semiannually for 11 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

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