Suppose Joey is getting married and wants to buy a diamond ring for his fianc....
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Suppose Joey is getting married and wants to buy a diamond ring for his fianc. He liked a ring in the Diamond world. After talking with the shopkeeper, he decided to buy the ring in semi-annual installments of $38,000 each with the first payment due after six months, for the next four years. If the interest rate is 8% per year, what is the cost of his chosen ring?
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