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An electrical engineer wishes to set up a special fund by making uniform semiannual start-of-period...

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Accounting

An electrical engineer wishes to set up a special fund by making uniform semiannual start-of-period (period 0) deposits for 12 years. The fund is to provide P700,000 at the end of each year of the last five years of the 12-year period. If interest is 15% compounded yearly, what is the required semiannual deposit to be made?

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