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Find interest rate of percent compounded semiannually

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Reference no: EM132901507

Sam Long anticipates he will need approximately $225,800 in 11 years to cover his 3-year-old daughter's college bills for a 4-year degree.

How much would he have to invest today at an interest rate of 8 percent compounded semiannually? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Reference no: EM132901507

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