Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual period for 8 yr at 13%/year compounded semiannually $
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Step 1
First, we need to find the interest rate per semiannual period. Since the annual interest rate is 13%, the semiannual interest rate is 13%/2 = 6.5%. Show more…
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