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You have been accepted to study international economy at the European Central Bank (ECB) in Frankfurt. You will need $10,500 every 6 months (beginning today) for the next three years to cover tuition and living expenses. Mom and Dad have agreed to pay for your education, and want to make one deposit today in a bank account earning 6% interest, compounded semi annually. How much must they deposit now so that you can withdraw $10,500 at the beginning of each semester over the next 3 years?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91543250

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