A Series of Equal Semi-Annual Payments of $1,000 for 3

question 10

Essay

A series of equal semi-annual payments of $1,000 for 3 years is equivalent to what present amount at an interest
rate of 12%, compounded annually?

---

Definitions:

Separation Of Duties

Separation of duties is a key control in internal systems, aimed at reducing the risk of fraud and errors by ensuring that no single individual has control over all aspects of a financial transaction.

Approves Purchases

Refers to the process or authority given to certain individuals or systems to validate and authorize the acquisition of goods or services for a business or organization.

Journal Entries

The basic record-keeping of a company's financial transactions, recorded in the chronological order.

Paid Voucher File

A collection of documents that record and confirm the payments made by a business, often including purchase orders, receipts, and payment advice.