A trust fund for a 8-year-old child is being set up by a single payment so that when the child is 20 there will be $12,000.If the fund earns interest at the rate of 6.5% compounded semiannually,how much money should be paid into the fund initially?

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The Answer of A trust fund for a 8-year-old child is being set up by a single payment so that when the child is 20 there will be $12,000.If the fund earns interest at the rate of 6.5% compounded semiannually,how much money should be paid into the fund initially?

A Trust Fund for a 8-Year-Old Child Is Being Set