Suppose Payments Will Be Made for Years at the End

question 97

Short Answer

Suppose payments will be made for years at the end of each semiannual period into an ordinary annuity earning interest at the rate of 8.5%/year compounded semiannually. If the present value of the annuity is $55,000, what should be the size of each payment? Round your answer to the nearest cent.
R = $__________

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Definitions:

Autonomic Nervous System

The part of the nervous system that controls involuntary bodily functions, such as heartbeat, breathing, and digestion.

Sprained Ankle

An injury to the ligaments around the ankle, often due to twisting or turning the foot beyond its normal movements.

Sensory Neurons

Nerve cells that are responsible for converting external stimuli from the environment into corresponding internal stimuli, allowing for the perception of sensory information.

Central Nervous System

The part of the nervous system that consists of the brain and spinal cord, functioning as the primary control center for processing and sending out information.