Find the amount necessary to fund the given withdrawals. Semiannual withdrawals of $700 for 9 years; interest rate is 5.4% compounded semiannually. The amount necessary to fund the given withdrawals is $. (Round to the nearest cent as needed.)

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.