Find the size of the semi-annual payments required

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Reference no: EM131603914

Pat's parents decide to set up a college fund on his 10th birthday. They would like for the fund to be worth $45921 on his 18th birthday. They make semi-annual payments into an account earning interest at an annual rate of 4.8%, compounded semi-annually. Find the size of the semi-annual payments required in order for the parents to have saved the desired amount by Pat's 18th birthday.

Reference no: EM131603914

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