Question

A company wants to have $50,000 at the beginning of each 6-month period for the next 4 1/2 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.29%, compounded semiannually?

(a) Decide whether the problem relates to an ordinary annuity or an annuity due.
ordinary annuityannuity due    

(b) Solve the problem. (Round your answer to the nearest cent.)
$

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