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QUESTION
You have been appointed as manager of an investment fund.
You have been appointed as manager of an investment fund. You have been asked to set up a fund of semiannual payments to accumulate a sum of $40,000,000 at the end of 10 years assuming that the funds can be invested at an annual rate of 9%. The first payment is due six months from now and the last payment at the end of the 10 years.
